The recycling of solid waste needs to not only expand to a wider dimension but also extend to a higher value-added depth. The scientific preparation and extensive application of foam ceramics have attracted great attention from scholars at home and abroad, as they not only help to dispose of a large amount of solid waste but also fully utilize the potential value of solid waste. In this review, the component effect and foaming principle of foam ceramics were firstly introduced in detail, followed by analysis on thermal transformation process and micro-mechanism. Subsequently, the effects of different factors were summarized. Finally, the challenges of foam ceramics development and the possible direction of further research were proposed. The purpose of this study is to provide reference for the efficient utilization and in-depth study of foam ceramics.