The concrete manufactured by using geopolymer technology is considered to be sustainable and economical. The production of geopolymer concrete helps in converting industrial by-product materials into a valuable product. Compared to OPC concrete, geopolymer concrete has superior strength properties. The advantage of using geopolymer concrete is that it is environment-friendly, has low production cost and protects the available natural resources by utilizing industrial by-products and consuming less embodied energy. The ternary blended, low-molarity (2M) geopolymer concrete is manufactured using fly ash, ground granulated blast furnace slag and alccofine, with M-sand as fine aggregate. The present study aimed to find the optimum ratio of Na2SiO3 to NaOH of geopolymer concrete based on the strength and microstructural characterization through scanning electron microscopy/energy-dispersive X-ray spectroscopy, X-ray powder diffraction, Fourier-transform infrared spectroscopy, kinetic ratios and thermogravimetric analysis/differential scanning calorimetry. The results revealed that the Na2SiO3-to-NaOH ratio of 1.5 had a significant increase in the polymerization of geopolymer concrete, which, in turn, resulted in better compressive strength and microstructural features than the other ratios. Although the results of the study are encouraging regarding the use of ternary blended geopolymer concrete by effective utilization of industrial waste products through an environment-friendly route, they also provide a sustainable and economical route for handling the industrial by-products currently generated in various countries. Additionally, it was found that the use of low molarity (2M) and Na2SiO3-to-NaOH ratio of 1.5 reduced the risk involved in handling the alkaline solution.