In response to global energy, resource, and climate challenges, foamed concrete—a sustainable, low-carbon building material—offers advantages due to its lightweight nature and high thermal insulation. This study focused on alkali-activated foamed concrete (A07 grade, average density of 723 kg/m3) prepared from slag and fly ash under alkaline conditions. Using S95-grade slag powder and I-grade ground fine fly ash as raw materials, a sodium silicate and NaOH solution as the activator, and YS-200 composite cement foaming agent, alkali-activated foamed concrete with a density grade of A07 was prepared by physical foaming. The effects of water–binder ratio, fly ash content, and alkali equivalent on compressive strength, water absorption, drying shrinkage, and frost resistance were investigated. With a dry density of 300–1800 kg/m3 (1/10 to 1/3 of conventional concrete), it reduced building weight by 25–40%.