This study investigated the engineering characteristics of non-sintering binder-stabilized mixtures consisting of different ratios of a hardening agent(3%, 6%, 9%, 12%) for recycling industrial by-products through several series of laboratory tests. The hardening agents consisted of two kinds of non-sintering binders(NSB-1, NSB-2), which were developed by using inter-chemical reactions among blast furnace slag, phospho-gypsum, and an alkali activator. In addition, ordinary Portland cement(OPC) was used to compare the engineering characteristics of the stabilized mixture. An unconfined compressive test showed that the unconfined compressive strength increased with the curing time and mixing ratio. Experimental test results indicated that the 7-day strength of the NSB-1 mixture was similar to that of the OPC mixture. However, its 28-day strength was higher than that of the OPC mixture. The secant module of elasticity showed a range of $E_{50}=(42-109)q_u$ regardless of the agents. Based on the results of triaxial tests, the cohesion and friction angle increased with the mixing ratio.