During the processing of granite stone, a large quantity of waste slurry is produced. The random dumping of waste slurry will do harm to the environment and human health. In recent years, several researchers investigated the use of granite waste sand and powder (GWSP), produced from granite waste slurry, as fine aggregate or cement replacement in cement-based materials. This paper presented the comprehensive overview of the physical and chemical properties of the GWSP. Based on this, the effect and mechanism of GWSP as fine aggregate or cement replacement on the workability, mechanical property, anti-permeability and durability, such as water permeability resistance, chloride permeability resistance, sulphuric acid attack resistance, sulphate attack resistance and reinforcement corrosion of cement-based materials were reviewed. The limitations of the existing studies were analyzed, which will be beneficial for the efficient and high-value-added utilization of GWSP.