The harm goafs and other underground cavities cause to roads, which could lead to secondary geological hazards, has attracted increased attention. This study focuses on developing and evaluating the effectiveness of foamed lightweight soil grouting material for goaf treatment. The study examines the foam stability of different foaming agent dilution ratios by analyzing foam density, foaming ratio, settlement distance, and bleeding volume. The results show that there is no significant variation in foam settlement distance for different dilution ratios, and the difference in foaming ratio does not exceed 0.4 times. However, the bleeding volume is positively correlated with the dilution ratio of the foaming agent. At a dilution ratio of 60×, the bleeding volume is about 1.5 times greater than that at 40×, which reduces foam stability. Furthermore, an appropriate amount of sodium dodecyl benzene sulfonate improves both the foaming ability of the foaming agent and the stability of the foam. Additionally, this study investigates how the water–solid ratio affects the basic physical properties, water absorption, and stability of foamed lightweight soil. Foamed lightweight soil with target volumetric weights of 6.0 kN/m3and 7.0 kN/m3meet the flow value requirement of 170~190 mm when the water–solid ratio ranges are set at 1:1.6~1:1.9 and 1:1.9~1:2.0, respectively. With an increasing proportion of solids in the water–solid ratio, the unconfined compressive strength initially increases and then decreases after 7 and 28 days, reaching its maximum value when the water–solid ratio is between 1:1.7 and 1:1.8. The values of unconfined compressive strength at 28 days are approximately 1.5–2 times higher than those at 7 days. When the water ratio is excessively high, the water absorption rate of foamed lightweight soil increases, resulting in the formation of connected pores inside the material. Therefore, the water–solid ratio should not be set at 1:1.6. During the dry–wet cycle test, the unconfined compressive strength of foamed lightweight soil decreases, but the rate of strength loss is relatively low. The prepared foamed lightweight soil meets the durability requirements during dry–wet cycles. The outcomes of this study may aid the development of enhanced approaches for goaf treatment using foamed lightweight soil grout material.