This paper presents the results of a composite consisting mainly of industrial waste bound by a hydraulic binder. The composite consists of unburnt coal-mining slate, shredded rubber waste (SRW), fly ash and CEM I cement. The purpose of using the above components was to protect the unburnt coal-mining slate from the negative effects of water, which causes degradation of the aggregate grain size and significantly affects the load-bearing capacity of the aggregate. This was achieved through the use of a binder consisting of shredded waste rubber, fly ash and cement, which imparts hydrophobic properties to the composite. The composite is to be used in road pavement construction and earthworks as a substitute for standard materials. This paper focuses on testing the effects of 5, 10 and 15% additions of shredded rubber waste (SRW) on the physical and mechanical parameters of the composite, mainly compressive strength, water absorption by mass, capillary rise and deformability under cyclic loading. The composite was tested under cyclic loading conditions using a measurement system based on digital image correlation (DIC), with which the deformations occurring on the surface of the test specimens were determined. The results obtained showed the influence of shredded rubber waste additives on the decrease in compression strength (after 7 and 28 days of specimen care), mass water absorption and capillary rise, as well as an increase in the deformability of the composite under destructive loading and cyclic loading.