This article presented the development of an eco-friendly and low-cost hollow concrete block (HCB) from a new blended cement with minimum clinker content combined with a binary aggregate. The new blended cement was a mix of Ordinary Portland cement (OPC), powder of volcanic clinker (VCP), pumice powder (PP), and limestone powder (LSP); while the binary aggregate was a blend of pumice and scoria aggregates. Six groups of HCBs samples were manufactured from four trial blended cement including two control samples; a constant cement to an aggregate ratio of 1:8 and water to cement ratio of 1:6 was applied. The physio-mechanical properties of HCB samples such as deviation from nominal dimension, density, water absorption, and compressive strength were tested at the age of 28-days. Based on the test results, a blended cement with minimum clinker content containing 50% OPC, 20% VCP, 20% PP, and 10% LSP combined with P60-S40 gave a non-structural HCB with an improved compressive strength complying with IS and ES strength requirements. Further comparative analysis on embodied energy, greenhouse gas (GHG), and life cycle cost (LCC) was carried out between the conventional and the new HCBs. And according to the overall results of the experimental and analytical studies, the combined use of the new blended cement and binary aggregate improved the compressive strength, embodied energy, GHG emission, and life cycle cost of conventional HCB by 31.4%, 41.4%, 47.4%, and 36.8%, respectively.