The increasing demand for concrete, coupled with the environmental burden associated with ordinary Portland cement (OPC) production and natural aggregate depletion, has intensified the search for sustainable alternative materials. Waste glass, generated in large quantities worldwide and often landfilled due to recycling constraints, has emerged as a promising resource for cementitious composites when processed as powdered waste glass (PWG) or crushed waste glass. This review critically examines the utilization of waste glass as a sustainable binder and aggregate replacement, with particular emphasis on microstructural evolution, durability performance, and service-life implications. The pozzolanic reactivity of finely ground waste glass, driven by its high amorphous silica content, leads to secondary calcium silicate hydrate formation, portlandite consumption, and pore refinement. These microstructural modifications result in improved later-age mechanical strength, reduced permeability, enhanced resistance to chloride ingress and chemical attack, and effective mitigation of alkali–silica reaction when appropriate fineness and replacement levels are adopted. The review synthesizes quantitative data from recent studies to establish performance trends, identify optimal replacement ranges, and clarify durability mechanisms governing long-term behavior. Remaining challenges, including variability in glass composition, standardization of test methods, and limited long-term field data, are highlighted. Overall, the findings demonstrate that waste glass, when properly processed and proportioned, can contribute significantly to durable, low-carbon cementitious composites and support circular-economy-based infrastructure development.