In response to the shortage of stone materials in Bangladesh, which leads to higher costs for road construction due to reliance on imports, this study investigated the significant potential of utilizing brick slag aggregate and recycled aggregate as substitutes for graded gravel. This approach was particularly relevant given the country’s large production of clay-fired bricks and substantial construction waste. Using a life cycle analysis (LCA) method, the study established environmental impact inventories for graded gravel, brick slag aggregate, and recycled aggregate. The BEPAS model was employed to quantitatively analyze the environmental impacts of the two alternative solutions, providing a comprehensive evaluation of their environmental and economic benefits. The results show that the environmental benefit-to-cost ratio for brick slag aggregate is 0.017, while for recycled aggregate it is 3.762. This indicates that the environmental benefits of brick slag aggregate are far lower than the environmental costs incurred, whereas the environmental benefits of recycled aggregate are clearly higher than the associated environmental costs, demonstrating notable environmental advantages. In terms of economic benefits, the use of brick slag aggregate in pavement construction reduces costs by 28.40%, while costs for recycled aggregate can be further decreased to below 10%, delivering even more significant economic benefits.