This article presents a comprehensive acoustic study of paper-based building products: cellulose wool, paperboard, corrugated cardboard, and honeycomb panels. The material configurations included the intact form as well as the various modifications, i.e., density variation, multiple-layered staking, perforation or acoustic metamaterial setup. Tests covered acoustic absorption and insulation properties, with the last examined under excitation of both a plane wave and a diffused field. Additionally, the cellulose wool is provided with the characteristic impedance and propagation wavenumber results; and the paperboard was tested for its dynamic elastic and damping properties. The paper-based products, giving their weight, prove to be a convincing replacement for conventional materials by both absorptive and insulation performance. The maximum acquired sound reduction index, for exceptionally lightweight (2.2 kg/m2) paper double-wall metamaterial structure, reached 26 dB.