This paper aims to study the feasibility of low cement content foamed concrete using waste lime mud (LM) and fly ash (FA) as mineral additives. The LM/FA ratio was first optimized based on the compressive strength. Isothermal calorimetry test, ESEM, and XRD were used to investigate the role of LM during hydration. Afterward, the optimized LM/FA ratio (1/5) was used to design foamed concrete with various wet densities (600, 700, 800 and 900 kg/m3) and LM–FA dosages (0%, 50%, 60%, 70% and 80%). Flowability measurements and mechanical measurements including compressive strength, flexural strength, splitting strength, elastic modulus, and California bearing ratio were conducted. The results show that the foamed concretes have excellent workability and stability with flowability within 170 and 190 mm. The high alkalinity of LM accelerated the hydration of FA, thereby increasing the early strength. The significant power functions were fitted for the relationships between flexural/splitting and compressive strength with all correlation coefficients (R2) larger with 0.95. The mechanical properties of the foamed concrete increased with the density increasing or LM–FA dosage decreasing. The compressive strength, tensile strength, CBR of all prepared foamed concretes were higher than the minimum requirements of 0.8 and 0.15 MPa and 8%, respectively in the standard.