A study commissioned by CND said 150,000 nurses could be employed, 1.5m affordable homes or thousands of new primary schools built with the £100bn replacement cost.
"Britain's economy has not yet recovered after the recession, with stable unemployment figures hiding the reality of those under-working in part-time jobs and those on zero hours jobs," said the report, written by economist Michael Burke.
"Investing in flood defences, low energy transport, energy efficiency and housing would not only provide jobs and increase tax revenue for the Government, but would also contribute to a long-term economic recovery and a better future."
Mr Burke said spending so much money on replacing the nuclear weapons system, which is based at Faslane, would be an "enormous waste of funds".
Green MP Caroline Lucas said the report set out a "compelling" case against Trident replacement.