Aimed at improving the waterproofing property of foamed concrete, a heat-insulating and waterproofing composite applied in underground engineering was prepared by using cementitious capillary crystalline waterproofing material and foamed concrete. The properties of foamed concrete and composite such as compressive strength, water absorption and thermal conductivity were tested and contrasted, and the compounding reaction mechanism was analyzed. The results show that, compared with foamed concrete, the water absorption of composite has been significantly reduced while the heat-insulating property of foamed concrete is maintained and the overall waterproofing and heat-insulation performance has been significantly improved. A new approach solving underground heat-harm such as high temperature and high humidity is provided.