Over the last decade, research has increasingly focused on reducing the use of natural resources and improving waste management in the construction industry. Various possibilities exist for reducing waste in this sector, ranging from using waste as filler materials to developing new binders and building materials. This study focuses on the development of bio-based building materials using waste from the manufacturing of wood-wool cement boards. The binder and filler materials were obtained from the manufacturing waste and used in this research. The developed materials were tested for their visual appearance, macrostructure, material density, thermal conductivity coefficient and compressive strength. The results showed promising data for the self-bearing bio-based building materials, which had similar thermal properties to other bio-based materials and could be used as thermal insulation materials with a thermal conductivity coefficient of 0.0827–0.1172 W/(mK). The material density of the developed bio-based composites was found to be 430–617 kg/m3. By incorporating manufacturing waste into the production process of bio-based building materials, it becomes evident that overall waste from manufacturing plants can be significantly reduced, and the sustainability aspect of wood-cement board manufacturers can be enhanced.