This paper describes an experimental investigation on the use of ground granulated blast furnace slag (GGBFS) and lime as stabilizers for cement-bentonite (CB) slurry used in constructing vertical barrier walls. The primary objective is to develop a blended material, which can reduce the permeability and also enhance the strength of CB slurry walls with a shortened curing time. Mixtures comprising various proportions of cement, bentonite, GGBFS, and lime were prepared and tested for particle size distribution (PSD), liquid limit, plastic limit, permeability, unconfined compressive strength (UCS), and constrained modulus. For each mixture, the effect of varying curing time on the results of the aforementioned tests was also investigated. The research results demonstrate that blending CB with optimum fractions of GGBFS and lime lead to decreased permeability and increased UCS of the mixture, without any adverse consequences. Thus, subject to satisfaction of other requirements, it is concluded that a potentially superior material for constructing slurry walls can be achieved by using CB-GGBFS-lime blended mixtures.