In this study, concrete slurry waste (CSW) and fine incineration bottom ash (IBA) (< 2.36 mm) were innovatively valorized to produce cold bonded lightweight aggregates (CBLAs) through a pelletizing method. The contribution of CSW to CBLAs as a fresh recycled cementitious paste was investigated and the influences of adding various binders (OPC, GGBS, lime, silica fume) on the properties of CBLAs were explored. Meanwhile, the leaching behaviours of the produced CBLAs were further assessed. The experimental results showed that CSW and IBA had a good compatibility to produce CBLAs by the pelletizing method. The use of fresh and workable CSW collected from ready-mixed concrete plants as a recycled cementitious paste could effectively bond the IBA particles. Due to the residual hydration behaviour of CSW, the produced CBLAs, even without additional binders, had good mechanical properties. The use of small percentages of cement and GGBS as additional binders could significantly increase the strength of CBLAs, while the use of lime and silica fume only showed slight improvement due to the high porosity induced. Moreover, it was found that using GGBS which could react with Ca(OH)(2) in CSW to lower the pH benefited the immobilization of heavy metals in CBLAs.