In order to prepare aerated concrete with alkali-phosphorus slag and better use of industrial waste, the powder composition of the slurry was investigated. The impacts of certain factors on aerated concrete, including the foaming agent, sodium silicate modulus, alkali content and the temperature of alkali solution also were investigated using single-factor test methods. The results indicate that: the cement and fly ash in powder have impacts on the pouring stability of slurry, and the bulk density of aerated concrete is impacted by the amount of foaming agent, sodium silicate modulus and alkali content. In the experiment, aerated concrete with bulk density in range of 535~887 kg/m3 and compressive strength of 6~9.5 MPa was produced; its mechanical performance conforms to the requirements of the standard GB 119682006.