Electrolytic manganese residue has the characteristics of high calcium and silicon, and can be used to prepare cement, sintered brick, ceramics, etc. Aerated concrete has light bulk density, good thermal and sound insulation performance, and great advantages in consumption of solid waste. In this paper, deaminated manganese residue and red mud are used to replace part of silicon sources to prepare aerated concrete, and the effects of their properties, temperature, mass ratio, aluminum powder content and water-material ratio on product performance are studied. The results show that with the increase of temperature, content of red mud and decrease of content of demanganese manganese residue, the gas generation rate of slurry increases and the gas generation time decreases. The optimal process of co-preparation of aerated concrete by deammoniated manganese residue and red mud involves 15% cement, 20% quicklime, 32% sand, 20% deammoniated manganese residue, 10% red mud, 3% gypsum, 0.2% aluminum powder and 0.8 water-material ratio.