The aim of the research presented in this paper is to evaluate the feasibility of using hydrophobic agents based on organosilicon compounds for surface protection of lightweight concrete modified with waste polystyrene. The experimental part pertains to the physical and mechanical properties of polystyrene-modified lightweight concrete. The concrete samples were prepared with the following ingredients: CEM I 42.5 R cement, recycled polystyrene (0–2 mm), quartz sand (0–2 mm), coarse river aggregate (2–16 mm), and water. Silane and tetramethoxysilane were employed for surface hydrophobization. Concrete with 20% polystyrene exhibits high porosity (25.22%), which is related to an increase in absorptivity (14.75%) compared to the reference concrete. The hydrophobized concrete is characterized by the lowest surface free energy (SFE) value, which is 7 or 11 times lower than the value of reference concrete, depending on the agents. The test on the contact angle (CA) was performed before and after the frost-resistance test (F–T test). Lower SFE translates into lower adhesive properties, higher resistance of the material to the infiltration of water and corrosive compounds, e.g., salts, and higher resistance to freezing and thawing cycles. Silane and tetramethoxysilane coating raised frost resistance by 54–58% compared to the reference samples. This agent reduced absorptivity by 30%. Recycled polystyrene can be successfully used to produce lightweight concrete (LC) with high durability provided by hydrophobic/icephobic coatings.