The purpose of this study is to examine whether cementitious powder separated from waste concrete can be used as an alternative raw material to limestone and reduce the usage of natural resource (limestone) and $CO_2$ emission based on recycling cementitious powder from waste concrete. Experiments actually analyzed the chemical composition of cementitious powder and performed hyperthermia analysis, measurement of free CaO and XRD analysis to measure the degree of recovery of hydration in the model of cementitious powder manufactured based on chemical composition. These were performed in each cementitious powder model at different calcination temperatures such as $900^{circ}C$, $1200^{circ}C$, $1300^{circ}C$, $1400^{circ}C$ and $1450^{circ}C$. Through the experiments, it was found that the recovery of hydration was at a level which can be used as the alternative raw material for limestone, but the replacement ratio was directly affected by the degree of mixing of fine aggregate in less than $150{mu}m$, which cannot be separated from cementitious powder. It was shown that there was no difference in the production of compounds involved in hydration at calcination temperatures of $1200^{circ}C$ or higher. Therefore, to pursue the replacement of limestone and reduction of greenhouse gas by recycling cementitious powder, the development of technology to efficiently separate aggregate fine powder is required.