The global construction industry, heavily reliant on Ordinary Portland Cement (OPC), is a primary contributor to anthropogenic CO₂ emissions and natural resource depletion. This necessitates an urgent shift towards Sustainable Material Management (SMM). A pivotal strategy within SMM is the partial replacement of cement with industrial and agricultural waste by-products, such as fly ash, slag, rice husk ash, and sugarcane bagasse ash. This review paper provides a holistic analysis of this paradigm shift, synthesizing current research on the environmental imperatives, mechanical performance, and economic viability of these supplementary cementitious materials (SCMs). It delves into the "win-win" scenario of waste Valorization, reducing both the carbon footprint of construction and the environmental burden of waste disposal. Crucially, this paper identifies and analyzes the significant challenges hindering widespread adoption, including variability in waste composition, inconsistent long-term performance, and complex optimization requirements. The review then presents a groundbreaking perspective on how advanced Artificial Intelligence (AI) and Machine Learning (ML) methods are revolutionizing this field. It details how AI/ML models can predict material properties, optimize mix designs, ensure quality control, and even facilitate automated compliance checks. Furthermore, the paper integrates a financial analysis, evaluating the life-cycle cost benefits, carbon credit potentials, and innovative business models that can make sustainable construction economically attractive. The conclusion underscores that the synergistic integration of material science, AI/ML technologies, and robust financial frameworks is not merely an alternative but an imperative for a truly sustainable and resilient construction future.