The existing methods of preparing lightweight gypsum blocks are to make hollow slats or to make foamed blocks, both of which are defective and fail to meet the standards. In order to prepare lightweight gypsum blocks, this paper investigates the method of increasing the proportion of moisture to reduce the weight of gypsum blocks. To further understand the performance relation between β-hemihydrate gypsum (β-hemihydrate phosphogypsum and β-hemihydrate flue-gas desulfurization gypsum) and its products, the effect of borax on the hydration and hardening of β-hemihydrate gypsum at high water–plaster ratio was studied. The results showed that with an increase in borax dosage, the setting time of β-hemihydrate phosphogypsum (β-HPG) was evidently prolonged; the initial setting time increased from 15 to 62 min, and the final setting time increased from 22 to 93 min. The difference between the initial and final setting times also increased, and the fluidity of the gypsum slurry was improved. When the borax dosage reached 0.5%, the flexural strength of β-hemihydrate flue-gas desulfurization gypsum (β-HFGD) increased from 5.2 to 6.3 MPa and the compressive strength increased from 4.7 to 9.3 MPa after 28 d. By analyzing the changes in phase transition, hydration degree, infrared spectrum, particle size, and crystal microstructure during the hydration of β-hemihydrate gypsum, it was found that β-HPG was more sensitive to borax than β-HFGD at high water–plaster ratio and β-HFGD showed superior mechanical properties. The study findings will provide a theoretical basis for the application of β-hemihydrate gypsum products under humid conditions and expand the application range of gypsum products.