The possibility of producing high-volume fly ash (HVFA) recycled aggregate concrete represents an important step towards the development of sustainable building materials. In fact, there is a growing need to reduce the use of non-renewable natural resources and, at the same time, to valorize industrial by-products, such as fly ash, that would otherwise be sent to the landfill. The present experimental work investigates the physical and mechanical properties of concrete by replacing natural aggregates and cement with recycled aggregates and fly ash, respectively. First, the mechanical properties of four different mixtures have been analyzed and compared. Then, the effectiveness of recycled aggregate and fly ash on reducing carbonation and chloride penetration depth has been also evaluated. Finally, the corrosion behavior of the different concrete mixtures, reinforced with either bare or galvanized steel plates, has been evaluated. The results obtained show that high-volume fly ash (HVFA) recycled aggregate concrete can be produced without significative reduction in mechanical properties. Furthermore, the addition of high-volume fly ash and the total replacement of natural aggregates with recycled ones did not modify the corrosion behavior of embedded bare and galvanized steel reinforcement.