Foamed concrete has superior rheological and thermal insulation properties along with a low density and high strength/weight ratio. Also, foamed concrete has reduced manufacturing and transportation costs compared to conventional concrete and can be utilized in structural elements. Foamed concrete significantly lowers the self-weight of the superstructure and contributes large energy savings. This review mainly focuses on the ingredients and techniques required for the production of foam concrete, mix design techniques, and the physical, functional, and mechanical properties. The key motive for this systematic quantitative literature survey was to identify research gaps in existing literature and also to provide extensive insights regarding suitable applications of cellular concrete.