This study investigated the engineering properties of compressed earth blocks (CEBs) stabilized with by-product binders: calcium carbide residue (CCR) and rice husk ash (RHA). The dry mixtures were prepared using the earthen material and 0–25 wt% CCR, firstly, and 20 wt% CCR partially substituted by the RHA (CCR:RHA in 20:0–12:8 ratios), secondly. The appropriate amount of water was thoroughly mixed with the dry mixtures. The moistened mixtures were manually compressed into CEBs, cured, dried, and tested. The stabilization of CEBs with CCR increased the dry compressive strength (CS) from 1.1 MPa with 0% CCR to 4.3 MPa with 10% CCR and above; decreased the bulk density (ρb:1800–1475 kg/m3) and increased the total porosity (TP:35–45%). This resulted in the improvement of the coefficient of structural efficiency (CSE: 610–3050 Pa∙m3/kg). It also improved the thermal efficiency given the decrease of the thermal conductivity (λ: 1.02–0.69 W/m∙K), thermal diffusivity (a: 6.3 × 10−7 to 4.7 × 10−7 m²/s) and thermal penetration depth (δp: 0.13–0.11 m). The RHA further improved the CS up to 7 MPa, reaching the optimum with 16:4 CCR:RHA (ρb: 1575 kg/m3 and TP: 40%). The latter reached higher CSE (4460 Pa∙m3/kg) than cement stabilized CEBs (3540 Pa∙m3/kg). It reached lower λ (0.64 w/m∙K), a (4.1 × 10−7 m²/s) and δp (0.11 m) than cement CEBs (1.01 w/m∙K, 6.8 × 10−7 m²/s, and 0.14 m). Additionally, the stabilization of CEBs with by-products improved the moisture sorption capacity. The improvement of the structural and thermal efficiency of CEBs by the stabilization with by-product binders is beneficial for load-bearing capacity and thermal performances in multi-storey buildings.