The pore characteristics and stability of alkali-activated foams (AAFs) are crucial factors that determine their application and performance. These aspects are influenced by the material mix design and the foaming method employed. The interaction between the activator and precursor paste results in a change in the rheological properties which possess significant impacts on the behaviour of the foam and the stability of the pores in AAFs. Various raw materials and foaming methods have been utilised to develop AAFs. However, The combined influence of the activator-precursor interaction, foaming, and rheological properties on the pore structure and properties of AAFs is not well explored. Hence, the purpose of this study is to investigate this interrelationship. To develop AAFs, a combined mechanical and chemical foaming method was employed. Waste glass, fly ash, and slag were used as precursors and activated using activators with varying silica modulus. The rheological parameters of the paste and the hardened properties of the AAFs were investigated. The findings indicate that pastes with high viscosity and high yield stress have more stable and uniformly distributed pores. The presence of a viscous activator reduces the colloidal interaction between precursor particles, thereby lowering the yield stress of the activated paste. Furthermore, the early setting of slag and the partial dissolution of all precursors play a significant role in establishing stable networks and final pore stabilisation within the AAFs. Controlling these parameters, lightweight AAFs were developed using a high volume of waste glass with homogeneous pore distribution and moderate mechanical strength (up to 2.83 MPa).