Foam ceramic is a ceramic material with high porosity, good thermal stability and acid & alkali resistance. The chemical composition of metallurgical slag is very close to the raw materials of foam ceramics, so it is suitable for preparing foam ceramics. By analyzing the advantages, disadvantages and differences of various preparation methods of foam ceramics, the research status of using several typical metallurgical slags (steel slag, blast furnace slag, ferronickel slag and red mud) to prepare foam ceramics are listed, and the main problems of preparing foam ceramics from metallurgical slag are emphatically analyzed. The results show that the foam ceramics with high porosity and appropriate strength can be prepared by metallurgical slag, but the pore size and distribution of the products are difficult to control. The particle size, phase composition and contents of metallurgical slag raw material have great influence on the preparation process and product performance of foam ceramics. The trend and solidification mechanism of potentially harmful elements such as Na, K, Mn, Cr in raw materials during the preparation process, as well as the leaching toxicity of products, are also issues that need to be focused on at present. It is of great significance to prepare foam ceramics from metallurgical slag, which can realize waste recycling and protect the environment at the same time, and obtain high value-added products.