Environment-friendly lime paints were prepared from 38 wt% slurries of hydrated lime (Ca(OH)2) and hydrated light burned dolomite (Ca(OH)2·Mg(OH)2). These materials and the resulting paints’ antibacterial and antimold properties were investigated. The hydrated lime used in this study contained 97 wt% Ca(OH)2, which implies a 71.85 wt% equivalence of CaO. This 71.85 wt% CaO content was responsible for the antibacterial and anti-mold characteristics. The antibacterial and anti-mold characteristics of the hydrated light burned dolomite were attributed to its 56 wt% CaO and 44 wt% MgO contents. The antibacterial-reducing activities of 38 wt% hydrated lime and hydrated light burned dolomite slurries were found to be 99%. Their anti-mold activities against mixed strains were outstanding. Lime paints produced from the slurries and various additives also showed 99% antibacterial activity and outstanding anti-mold activity. The paints’ low total volatile organic compounds (TVOCs) releases were graded as excellent. Their formaldehyde (HCHO) releases were classed as best through excellent, indicating their suitability as environment-friendly building materials.