Fast growing highway network along with the scarcity of natural aggregates gave impetus to include innovative materials for road construction. Utilization of construction and demolition (C&D) wastes like crushed bricks and heavily generating coal powered thermal power plant waste like fly ash can avert the problems associated with the unavailability of conventional materials for road construction. In this study, the strength and durability characteristics of various crushed brick–fly ash–lime (CBFL) mixes were determined by conducting unconfined compressive strength (UCS), California bearing ratio (CBR), resilient modulus, and durability tests. UCS tests were carried out on the CBFL specimens cured for 7, 14, 28, 90, and 180 days, whereas CBR tests were performed on the specimens cured for 7 days and soaked for 4 days. The mix of 70% crushed bricks +30% fly ash stabilized with 5% lime, which was chosen as the optimum mix for use as a subbase material in flexible pavement as per the Indian Road Congress (IRC) criteria, exhibited UCS of 2.5 MPa for 28 days curing and CBR of 65%. All the CBFL mixes satisfied the durability requirement of resistance index >0.8 as per IRC. Resilient modulus and permanent deformation were evaluated for the optimum CBFL mix cured for 28 days. At the confining stress and deviator stress of 34.5 kPa and 93.1 kPa which are equivalent to the stresses experienced by a subbase or base layer in the field, optimum CBFL mix exhibited 1.5 times higher resilient modulus and 60% lower permanent strain than the conventional granular subbase (GSB).