Lightweight concrete, particularly polystyrene concrete, has been extensively utilized in civil engineering for decades. The incorporation of waste expanded polystyrene (EPS) as a filler material in the production of lightweight concrete presents significant advantages from a circular economy perspective. Prior research indicates that increasing the proportion of lightweight aggregates, such as EPS, typically results in reductions in strength and bulk density. The utilization of substantial amounts of EPS waste in the formulation of structural polystyrene concrete is crucial for advancing sustainable construction practices. This study investigates the effects of varying nano-silica content on the bulk density, compressive strength, flexural strength, splitting tensile strength, and water penetration depth of structural polystyrene concrete. Concrete specimens were prepared by substituting 25%, 50%, 75%, and 100% of sand with EPS waste, while evaluating nano-silica contents of 0.75%, 1%, and 1.25%. The findings reveal that increasing the volume fraction of EPS corresponds to a decrease in the concrete’s bulk density. This research provides critical insights into optimizing structural lightweight concrete, thereby promoting advancements in sustainable construction applications.