The main objective of this study was to utilize coal gangue as the primary raw material and SiC as the foaming agent to successfully prepare foamed ceramics using the high-temperature foaming method. The study investigated the composition and crystal phases of the foamed ceramics formulation, the influence of sintering parameters on the microstructure and physical properties of the samples, as well as the reaction mechanisms during the foaming process. The experimental results showed that when the SiC addition amount was 2.5 wt%, the sintering temperature was 1230°C, and the sintering time was 60 min, the bulk density of the foamed ceramics reached as low as 0.414 g/cm3, with a compressive strength of 1.64 MPa and a closed porosity as high as 74.86%. Additionally, the water absorption and thermal conductivity were simultaneously reduced to 1.48% and 0.1968 W/(m·K), respectively. Besides maximizing the utilization of coal gangue, foamed ceramics also demonstrated excellent porous structure and physical properties, making them suitable for use as thermal insulation materials.