The experimental investigation is mainly focused on the development of cost effective high strength concrete containing high volume fly ash. Fly ash is a byproduct of coal fired electric power station. The current annual worldwide production of coal ash is estimated about 700 million tonne. Fly ash is a beneficial mineral admixture for concrete. It influences many properties of concrete in both fresh and hardened state concrete. Utilization of waste materials in cement and concrete industry reduces the environmental problems; also utilization reduces the amount of solid waste, green house gas emissions associated with Portland clinker production and conserves existing natural resources. Due to increase in demand for cement, there is a need of alternate material. Since fly ash is pozzolanic in nature, it can act as partial replacement material for Portland cement. In this study, keeping the binder content as constant and replacing cement with fly ash upto 60%, the mechanical behaviors such as compressive strength, and split tensile strength were studied. Concrete with higher percentage of fly ash (60%) attained compressive strength of 47.08 N/mm2 and 50.50 N/mm2 at 28 and 90 days, respectively. Further the Cost analysis was done for all the mixtures. C60 mixture concrete gives 22% savings of cost than conventional concrete. © 2006-2013 Asian Research Publishing Network (ARPN).