The invention provides a foamed ceramic wall material with steel slag as the raw material. The foamed ceramic wall material is mainly prepared from, by weight, 22-66 parts of steel slag, 24-50 parts of aluminum-rich waste, 10-28 parts of magnesium-rich material, 6-18 parts of additional biologic material and 3-10 parts of foaming agent at low temperature through mixing, ball-milling, forming and sintering at a temperature of 1020-1250 DEG C. The prepared foamed ceramic wall material is low in production cost, waste is turned into wealth, air holes are not communicated and do not absorb water, and the foamed ceramic wall material has the advantages of being high in air hole closing rate, low in water absorption rate, high in tensile strength and the like and is a heat preservation and insulation wall material good in performance.