A composite building panel and method employs a foam core member which has custom excised cutout sections which are specially configured to be bonded to a panel framework made up of light gauge steel framing members. The panel framework is positioned on the inner surface of the base section of the foam core member and surrounds internal sections of the foam core member. Foam pieces which have been excised from the foam core member are positioned within gaps between the framing members and the foam core member. The framing members, foam core member, and foam pieces are bonded together to form an integral panel component. An external seal coating is permanently affixed to the outer surface of the foam core member. Expandable foam can be injected into the gaps between the framing members and the foam core member, in lieu of the foam pieces, to form the bond between the framing members and the foam core member. A void may be provided in the space over the foam core member and between the framing members for running electrical wiring, plumbing lines, etc. The panel can be used for custom designed walls, roofs and similar structural members.