The invention provides an on-line production method and an on-line production device of composite foamed slurry. The method comprises the steps of feeding, mixing, foaming, stirring and pumping. The device comprises a cement feeder, a polyphenyl granule feeder, an aggregate feeder, a water pump, a foaming machine, a stirring conveyer, a slurry storage tank, a concentrated slurry pump and an electric control device. According to the method and the device, effective recombination of organic light aggregate, inorganic heavy aggregate and foamed slurry is realized; the insulated, soundproof, anti-freezing, durable, light and high-strength composite foamed slurry with more optimized performance can be prepared and conveyed; the mixing proportion metering is more accurate compared with manual feeding, the stirring time is shorter compared with an intermittent stirring mode, the foam loss is lower, and solid-liquid phase separation of the slurry is avoided; and meanwhile, by continuous machining and conveying, the production and construction efficiency is improved.