A combined reaction of hydration and carbonation takes place in hydraulic lime and lime-pozzolana mortars. Hydration reactions are the first reaction and carbonation of lime is the complementary reaction in the strength gain. Competition between these two reactions can occur in lime-pozzolana mortars if the pozzolanic material has low reactivity with lime, leading to the consumption of lime by carbonation reaction. The degree and the order of these reactions are strongly influenced by the moisture content. Hydration reactions are enhanced under moist conditions while carbonation is delayed. Curing under dry conditions does not sufficiently increase their strength because the hydration reactions are slowed down or even terminated by the full carbonation of lime in lime-pozzolana mortars. The consequence of this on the mechanical properties of the mortars is remarkable while the same impact is not observed in their porosity. Such mortars require moist conditions to ensure sufficient strength development.