In the present work, Granulated Blast Furnace Slag (GBFS) and Fly ash (FA) were used as partial replacement of Natural Sand (NS) and Ordinary Portland Cement (OPC) by weight. One control mix, one with GBFS, three with FA and three with GBFS-FA combined mixes were prepared. Replacements were 50% GBFS with NS and 20%, 30% and 40% FA with OPC. Preliminary investigation on development of compressive strength was carried out at 7, 28 and 90 days to ensure sustainability of waste materials in concrete matrix at room temperature. After 90days, thermo-mechanical study was performed on the specimen for a temperature regime of $200^{\circ}-1000^{\circ}C$ followed by furnace cooling. Weight loss, visual inspection along with colour change, residual compressive strength and microstructure analysis were performed to investigate the effect of replacement of GBFS and FA. Although adding waste mineral by-products enhanced the weight loss, their pozzolanicity and formation history at high temperature played a significant role in retaining higher residual compressive strength even up to $800^{\circ}C$. On detail microstructural study, it has been found that addition of FA and GBFS in concrete mix improved the density of concrete by development of extra calcium silicate gel before fire and restricts the development of micro-cracks at high temperature as well. In general, the authors are in favour of combined replacement mix in view of high volume mineral by-products utilization as fire protection.