The invention discloses light foaming concrete made by waste concrete, and the production method and application of the foaming concrete. The foaming concrete is formed by the mixing of regenerated foaming concrete aggregate formed after the smashing and screening of the waste concrete, jellous slurry formed by adding concrete, fly ash and water, and foam generated by a foaming agent. After on-spot injection, pouring or mould pouring, the foaming concrete can be used in a plurality of aspects in municipal infrastructure construction such as weak subgrade processing, high filling subgrade, road-widening subgrade, temporary subgrade, various underground pipeline foundation, narrow slot and small clearance space filling, road landslide emergency backfilling, building heat preservation, sound insulation walls and the like. The adoption of the waste concrete for making the foaming concrete has the advantages of utilizing the waste, being environment-friendly, saving energy and having low cost, and the like, and the produced foaming concrete has a plurality of good performances such as light weight, no lateral confinement compression resistance, self-compaction and vibro-free property, and the like.