Over the last several years, there has been a large increase in interest in geopolymer materials, which are usually produced from waste materials, and their applications. The possibilities of application of geopolymers seem to be unlimited, and they are used in almost all fields of technology. Their use as insulation materials appears promising due to their complete nonflammability and excellent strength. However, one limitation is their complex manufacturing process and lack of stability of the obtained geopolymer foams as well as difficulties in achieving such good insulation properties possessed by polyurethane foams, polystyrene, and wool. Hundreds of studies have already been performed on insulating geopolymer foams and various types of foaming agents, and their authors reported that foamed insulating geopolymers had a density starting from 200 kg/m3 and thermal conductivity from 0.04 W/mK. However, the repeatability of the obtained results on an industrial scale is questionable. It is still a challenge to obtain a geopolymer material with comparable properties as conventional insulation materials and to overcome the barriers associated with the successful implementation of geopolymer material as insulation in buildings and other applications on a mass scale. This paper provides a comprehensive review of the methods used for the production of foamed geopolymers and the best parameters obtained, as well as a summary of the most important information reported in the scientific literature. It also presents the results of a critical analysis of the feasibility of implementing this technology for mass deployment. In addition, the problems and limitations that are most often encountered with the implementation of geopolymer technology are discussed.