This paper presents the results of investigation of properties of fly ash from four major thermal power plants in Serbia. Chemical, mineralogical and thermal characterization of fly ash has been performed in order to determine the possibility of its use as the raw material for the construction material industry, primarily the cement industry. Thermal properties of the raw mixtures for Portland cement clinker production based on fly ash were also investigated. The conclusion was reached that the use of fly ash as a component of the raw mixture components for the production of cement clinker not only enables substitution of natural raw materials, but could also have a positive influence on reduction of the sintering temperature of Portland cement clinker.