Fly ash and limestone powder are two major widely available cement replacing materials in Thailand. However, the current utilization of these materials is still not optimized due to limited information on properties of multi-binder systems. This paper reports on the mechanical and durability properties of mixtures containing cement, fly ash, and limestone powder as single, binary, and ternary binder systems. The results showed that a single binder system consisting of only cement gave the best carbonation resistance. A binary binder system with fly ash exhibited superior performances in long-term compressive strength and many durability properties except carbonation and magnesium sulfate resistances, while early compressive strength of a binary binder system with limestone powder was excellent. The ternary binder system, taking the most benefit of selective cement replacing materials, yielded, though not the best, satisfactory performances in almost all properties. Thus, the optimization of binders can be achieved through a multi-binder system.