In order to achieve the comprehensive utilization of iron slag and steel slag, foamed concrete were prepared by adding small amount of gypsum, lime and clinker in steel slag-iron slag system and using aluminum powder as foaming agent,. The three-day, seven-day and twenty-eight-day bulk density and compressive strength of foamed concrete with the different ratio of the main raw materials were researched. Furthermore, in order to research the hydration mechanism and microstructure of foamed concrete, the XRD and SEM images of the three productions of foamed concrete were analyzed. The results showed that the coordination of the dosage of steel slag and iron slag was better when the former was 30% and the latter was 45%, Meanwhile, the compressive strength was 5.1 MPa, the bulk density was 625 kg/m 3; Ettringite and C-S-H gel synergies generated in steel slag-iron slag system. Besides, hydration activity of steel slag was obviously lower than that of iron slag.