Foam glass production process redounds to large quantities of waste that, if not recycled, are stockpiled in the environment. In this work, increasing amounts of waste foam glass were used to produce metakaolin-based alkali-activated composites. Phase composition and morphology were investigated by means of X-ray powder diffraction, Fourier-transform infrared spectroscopy and scanning electron microscopy. Subsequently, the physical properties of the materials (density, porosity, thermal conductivity and mechanical strength) were determined. The analysis showed that waste foam glass functioned as an aggregate, introducing irregular voids in the matrix. The obtained composites were largely porous (>45%), with a thermal conductivity coefficient similar to that of timber (<0.2 W/m∙K). Optimum compressive strength was achieved for 10% incorporation of the waste by weight in the binder. The resulting mechanical properties suggest the suitability of the produced materials for use in thermal insulating applications where high load-bearing capacities are not required. Mechanical or chemical treatment of the waste is recommended for further exploitation of its potential in participating in the alkali activation process.