The present study was carried out to assess the basic material properties and thermal behavior of light-weight foamed concrete panel mixed with PCM (Phase Changing Material). To do so, this study fabricated light-weight foamed concrete (1.0kg/m3) in pre-foaming method and mixed it with PCM micro capsule of 1-dodecanol and melamine to examine its physical and thermal properties. The results confirmed strength reinforcement effect by proper replacement ratio of fly-ash, which is an industrial by-product, and PCM. In addition, it found out that PCM-mixed light-weight foamed concrete had time delay and temperature reduction effect within the range of PCM phase transition according to the rise of outdoor temperature. It was also observed that the insulation performance of PCM-mixed light-weight foamed concrete was more dependent upon thickness than PCM replacement ratio.