The construction industry is a significant component of the global economy as it not only creates job opportunities but also contributes to the growth and development of any country. However, the construction industry tremendously impacts the environment by being the largest consumer of natural resources and a major producer of greenhouse gas emissions. These challenges call for green principles in construction, which can reduce carbon footprints, conserve natural resources, and promote energy and water efficiency. The strategies for tackling these issues include using eco-friendly materials, increased use of recycled materials, obtaining certifications from authorities like IGBC and LEED, and so on. The study, therefore, focuses on identifying green building materials and analyzing their impact on cost and timeline during project implementation. The data for this study were collected through an extensive review of academic journals, focusing on widely used green materials, up-and-coming innovative materials, and their cost and time implications. Specific examples of commonly used green building materials include bamboo, timber, reclaimed wood, recycled concrete, recycled steel, and so on. Innovative materials like self-healing concrete, smog-eating cement, smart glass, glass fiber panels, etc. were also explored, which were categorized into various groups based on their peculiar features and applications. The cost and time-influencing factors associated with green building concepts were examined, which include procurement challenges, installation complexities, and knowledge and skill. The paper also identifies the barriers hindering the adoption of green practices, the materials-related factors that affect the cost of green building projects, and the factors related to green building materials or technology that cause delay in green construction projects. A detailed understanding of the challenges and opportunities in sustainable construction practices can be obtained from analyzing the dynamics between green building materials and critical project factors like cost and time, which can help construction professionals with cost-effective integration of green concepts and effective management of time, which in turn alleviates the progress of sustainable construction practices.