Silica/mullite porous ceramic with high porosity and low density was fabricated via foam-gelcasting with silicon kerf waste and corundum powder as raw materials. The effects of solid loading on porosity, bulk density, compressive strength, thermal conductivity and microstructure were systematically investigated. The porosity of porous ceramics decreased from 84.1% to 25.4%, bulk density increased from 0.67 to 1.78 g cm−3, compressive strength increased from 3.60 to 20.54 MPa and thermal conductivity increased from 0.204 to 0.892 W (m K)−1 as the solid loading increased from 50 to 65 wt%. Moreover, the relationship between microstructure and mechanical properties was discussed in detail.