Although the energy structure has been gradually enriched in recent years, China, as the world’s largest producer and consumer of coal, still accounts for more than 50% of resources. Therefore, in this paper, the high carbon fly ash raw ash (HCFARA) was mechanically activated, and the flotation was treated to obtain decarburized fly ash (DFA) with a loss on ignition of 1.18%, water demand ratio of 101% and strength activity coefficient of 74.5%. With the exception of for water demand ratio, the rest meet the national requirements for the use of Class I fly ash. The foam concrete was prepared by partially replacing cement with decarburized fly ash in different proportions and at different water-to-cement ratios (0.3, 0.4 and 0.5) in order to study its dry density, porosity, compressive strength and thermal conductivity. The results show that the porosity of foam concrete grows with the increase in water-to-cement ratio and fly ash replacement rate. In addition, the dry density and thermal conductivity of the prepared foam concrete can meet the requirements of A05 grade foam concrete (Density less than 500 kg/m3, thermal conductivity less than 0.12 W/(m·k)). The compressive strength can meet the requirements of C0.3gradefoam concrete (Minimum use standard).