The application of fluidized fly ash in underground mining excavations is limited due to its significant content of free calcium and calcium sulfate. In order to increase the amount of utilized fly ash from fluidized beds, it should be converted to a product with properties that meet the requirements for mining applications. This research presents the results of an attempt to adapt fluidized fly ashes for use in underground mining techniques, by means of carbonation and granulation. Carbonation was performed with the use of technical carbon dioxide and resulted in the reduction of free calcium content to a value below 1%. Granulation on the other hand, resulted in obtaining a product with good physical and mechanical parameters. The performed mineralogical and chemical studies indicate that trace amounts of “binding” phases, such as basanite and/or gypsum are present in the carbonized ash. The addition of water, during the granulation of carbonized fluidized fly ash, resulted in changes in the mineral phases leading to the formation of ettringite and gypsum as well as the recrystallization of the amorphous substance. It was confirmed that the carbonization and granulation of flying fluidized ashes positively affects the possibility of using these ashes in underground mining excavations.