The invention discloses a process for preparing composite foamed cement. The process comprises the following steps: premixing, namely, uniformly mixing a gel material, lightweight aggregate and a multifunctional additive, subsequently preparing the above components into premix, and storing the premix in a storage tank for later use; foaming, namely, feeding the premixed premix and hot water into a stirring tank, stirring for 5 minutes, sequentially adding a composite modifier and an oxidant into the stirring tank, and continuously stirring for 5 minutes, thereby obtaining slurry; pre-coagulating, namely, filling the foamed slurry into a mold box of a pre-coagulating kiln, simultaneously supplying hot water into the pre-coagulating kiln continuously so as to foam and expand the slurry inside the mold box, thereby preparing the composite foamed cement, and standing the composite foamed cement in the mold box for 6-8 minutes, thereby forming a composite foamed cement initial set object; and demolding and cutting, namely, demolding and cutting the pre-coagulated composite foamed cement initial set object into a plate material, thereby preparing the formed composite foamed cement. The composite foamed cement prepared by using the process is high in mechanical strength, free of foaming, high in foaming strength, rapid to coagulate and dry, short in demolding time and free of maintenance period, can save the space, the energy, the labor and the time, and can be cut in a wet manner.