To reduce the cost of lightweight concrete (LWC) partition panels and to address recycling concrete waste, this work utilized completely recycled fine aggregate (CRFA) to replace the natural fine aggregate and ceramsite in the preparation of LWC and LWC partition panels. To this end, an autoclave-free curing process and an air-entraining agent were used to prepare the CRFA-LWC. The workability, compressive strength, drying shrinkage, and pore structure of the CRFA-LWC and the performance of the CRFA-LWC partition panels were then investigated. The results show that the optimal ratio of the CRFA to the cement is 2.2 for the lightweight concrete, and the optimal panel cross section is a rounded rectangular one. All the pores in the CRFA-LWC have a diameter of smaller than 0.17 mm, and the diameter of 89% of them is less than 0.05 mm. In order to satisfy the drying shrinkage requirements stipulated by Chinese code JC/T 169-2016, the CRFA-LWC should be cured for at least 10 days. The economic analysis concludes that the material cost of CRFA-LWC is 40% lower than that of the autoclaved ceramsite concrete. In addition, utilizing CRFA in lightweight concrete can ease the shortage of natural aggregate.