Adopting proper waste management technology in the place of the construction industry to the extent possible to lower the production of new materials and intern reduces the environmental impact pertaining to the industry. In this work, eggshell powder (ESP; waste from the poultry industry) and fly ash (FA; waste from combustion of coal) were utilized as precursors for producing geopolymer and to substitute conventional cement-based construction materials. Three different weight percentage ratios of precursors, namely, 90FA:10ESP, 80FA:20ESP, and 70FA:30ESP were reinforced with two different weight percentages, namely, 15 and 30 wt% of paddy straw in the presence of suitable combinations of sodium silicate and sodium hydroxide to obtain lightweight geopolymer panels. Results received from different analytical tests, namely, density, water absorption, compressive strength, and flexural strength infer that the incorporation of ESP enhances the performance of the geopolymer products to a considerable extent. The specimen sample made using 70FA:30ESP in the absence of paddy straw reinforcement possesses a compressive strength value of 15.64 MPa, which is higher than that of paddy straw reinforced panels. It was observed that there was a reverse trend noticed in the case of flexural behavior on reinforcement of paddy straw, namely, 15 wt% possesses a higher value than that of the panel (70FA:30ESP) made using in the absence of reinforcement. The lowest thermal conductivity value was observed at 0.0633 W/m·K for the sample 90FA:10ESP reinforced with 30% paddy straw. Data from different studies infer that using ESP and paddy straw reinforcement influences strength properties and thermal conductivity. The present study indicates valid information related to the using biowastes for the production of insulation materials and environmental preservation and energy conservation.