Soil stabilization is the process of alteration of the physical properties in order to enhance its engineering properties. Industrial wastes like fly ash, GGBS, etc. can be used for the process of soil stabilization, which not only enhances its property but also is a widespread application of converting waste by-products into a beneficial one and a step towards sustainability. The combination of the two materials, i.e., fly ash and GGBS can be more beneficial when used as a stabilizing agent rather than using them individually as fly ash is low in calcium oxide content but rich in silica and alumina while GGBS is relatively high in calcium oxide. The objective of this review is to do a comparative study of the previous research done by various researchers to check the properties of soil stabilized with fly ash and GGBS. From the study, it is found that the optimum moisture content (OMC) and the maximum dry density (MDD) decreased with an increase in GGBS content. The strength of soil-GGBS mixtures increased with the curing period. The UCS of the fly ash–GGBS mixture increased with increased GGBS content. A reduction in strength in the fly ash GGBS can be observed, which can be overcome by the addition of lime. It was also found that the optimum value of fly ash is 15% and GGBS is 20% for stabilization of the given soil based on the CBR value determined. But the effect on compaction by the use of these materials requires more attention as more water is needed in order to compact the soil with fly ash mixtures.