With the growing worldwide attention towards environmental protection, the rational utilization of rice straw (RS) has gradually attracted the attention of scholars. This paper innovatively puts forward a solution for rational utilization of RS. A rice straw fiber concrete (RSFC) with good physical and mechanical properties and a rice straw concrete-light steel keel wall panel (RS-LSWP) with low comprehensive heat transfer coefficient and inconspicuous cold bridge phenomenon was designed. Firstly, the preparation method and process of RSFC is described in detail. Then, the physical and mechanical properties of RSFC, such as strength, apparent density, and thermal conductivity were tested. Finally, the thermal properties of the four new types of cold-formed thin-wall steel panels were analyzed using finite element simulation. The results show that the RSFC with a straw length of 5 mm, mass content of 12%, and modifier content of 1% is the most suitable for RS-LSWP. The standard compressive strength, tensile strength, and thermal conductivity of the RSFC are 2.2 MPa, 0.64 MPa, and 0.0862 W/(m·K), respectively. The wall panels with antitype C keel have a low comprehensive heat transfer coefficient and the best insulation effect. This study innovatively provides a technical method for the rational utilization of RS, promotes the application of RS and other agricultural wastes in building materials and the development of light steel housing.