This study concerns the development of lightweight fly ash based geopolymers which can be applied as alternatives to the traditional lightweight concrete. Different kinds of expanded polystyrene were used as lightweight agents. The results showed that lightweight geopolymers were successfully prepared, exhibiting compressive strength and density in the range 7.70 – 29.57 MPa and 0.97 – 1.57 g/cm3, respectively. The product containing 3% w/w of commercial expanded polystyrene possesses low thermal conductivity (0.16 W/mK) combined with sufficient mechanical strengths (11 MPa), excellent stability and fire resistance while its water absorption is comparable to that of conventional construction materials (cement mortars, concrete).