Mineral carbonation for concrete curing is a promising route to large‐scale CO2 sequestration and the economic production of building materials. In this work, the carbonation curing of a kind of lightweight concrete, aerated concrete, was comprehensively studied. Three typical industrial wastes – fly ash, blast furnace slag, and red mud – were employed to replace part of the cement and to reduce the carbon footprint of products. The effects of carbonation curing time, pressure, and water‐to‐solids ratio on the CO2 uptake and compressive strength were investigated. Aerated concrete with red mud showed the highest CO2 uptake capacity, followed by concrete with fly ash, and concrete with blast furnace slag. The main crystalline carbonation products, needle‐like calcite and rod‐like aragonite, were observed to be embedded in the surface of fly ash and blast‐furnace‐slag‐based specimens. The orderly structures of carbonated crystals, as well as the reduction of mesoscale porosity (< 50 nm), resulted in an enhancement of mechanical properties. For red‐mud‐based specimens, calcite crystals with the appearance of grains (smaller than 1μm) were formed due to deeper carbonation. The rapid growth of calcite grains may lead to cracks from inside red‐mud‐based specimens and cause a negative effect on mechanical properties. In terms of mechanical performance, the blast furnace slag specimens, after carbonation curing, exhibited the largest compressive strength of 7.3 MPa, which was over 197% higher than that of natural curing for the same duration. © 2019 Society of Chemical Industry and John Wiley & Sons, Ltd.