Geopolymer is a semi crystalline three-dimensional inorganic network formed by the dissolution reaction of solid aluminosilicate and activation solution, which has superior performance to cement-based binder in specific exposure environments. Foamed geopolymer (FG) insulation material, as a new building insulation material, has attracted increasing attention from academia and industry. The aim of this paper is to compare and discuss the impact of raw materials, foaming agents, foam stabilizers, admixtures, and manufacturing processes on the thermal insulation performance (including pore structure and thermal conductivity) and durability (water resistance, chemical corrosion resistance, high-temperature resistance, carbonation resistance, drying shrinkage resistance, and freeze-thaw resistance) of FG. The objective is to gain in-depth insights into the specific influences of factors on FG performance, providing a scientific basis for optimizing material formulations and improving manufacturing processes. Additionally, providing a prospective outlook for guiding future research and practice.