This study provides a new idea for the design of an advanced foaming agent with soybean residue protein (SRP) as a potential protein source. In order to achieve the most effective foaming performance, we employed the novel approach of response surface methodology (RSM) to improve important process parameters in a hot-alkali experiment. The experimental results showed that the optimum reaction parameters of pH and temperature were pH 10.2 and 50.5 °C, respectively, which, when continued for 3 h, led to the highest foaming property of the SRP foaming agent (486 mL). Based on the scheme, we also designed an experiment whereby we incorporated 1.0g/L FS-50 into the SRP foaming agent (SRP-50) to achieve higher foaming capacity compared with the commercial foaming agent. This foaming agent was cheaper than commercial vegetable protein foaming agents (12 USD/L) at 0.258 USD/L. Meanwhile, the properties of foam concrete prepared using SRP-50 were studied in comparison with a commercial vegetable protein foaming agent (PS). The results demonstrated that the foam prepared using SRP-50 had better stability, and the displacement of the foam decreased by 10% after 10 min. During the curing period, the foam concrete possesseda compressive strength of 5.72 MPa after 28 days, which was an increase from 2.95 MPa before. The aperture of the foam ranged from 100 to 500 μm with the percentage increasing up to 71.5%, which indicated narrower pore-size distribution and finer pore size. In addition, the shrinkage of the foam concrete was also improved. These findings not only achieve the utilization of waste but also provide a new source for protein foaming agents.