The existing fly ash-slag foaming geopolymer materials generally have the shortcomings of low fly ash content and low porosity. It is urgent to develop geopolymer foaming materials with high fly ash content and high porosity. Using fly ash and slag as the main raw materials, geopolymer foaming materials were prepared by alkali activation. The effects of activator content and sodium silicate modulus on the macroscopic mechanical properties, pore structures and microstructures of geopolymer foaming materials were studied. The experimental results showed that when the activator content was 21% (wt.) and the modulus of sodium silicate was 1, the specimen exhibited the best performance. The compressive strength of the specimen reached 2.18 MPa at 28 d, the porosity was 63.07%, and the average pore sizes of macroscopic pores were 920 μm. Inductively Coupled Plasma-Optical Emission Spectroscopy (ICP-OES) and Scanning Electron Microscopy and Energy Dispersive Spectrometer (SEM-EDS) analysis showed that when the content of activator was 21% and the modulus of sodium silicate was 1, the reaction grade of the system was the highest, reached 55.12%, meanwhile the main product Sodium silicate hydrate (N-A-S-H) gel produced the largest amount. The fractal dimension calculations showed that the spatial complexity of a specimen with large pores was greater than that of a specimen with small pores. This study can provide a basis for the design of geopolymer foaming materials with high proportion of fly ash and high porosity.