The invention provides a lightweight cement panel which achieves light weight, high strength, and durability, is free of degraded strength or deformation due to water absorption or fluctuation of ambient temperature, etc., provides satisfactory processing capabilities including nailing, etc. and can be used as a concrete formwork panel, floor material, wall material, ceiling material, and others of architectural structures. A panel proper 2 is formed by a porous compact 8 produced by filling, curing, and solidifying a mixture prepared by kneading cement, water, reinforcing fibers, and foam obtained by prefoaming a foaming agent in a hermetically sealed cement form block block, contains the reinforcing fibers 7 and foam in a dispersion state in the compact 8, and provides the specific gravity within the range between 0.5 and 1.0. The surface of this panel proper 2 is integrally covered with a surface reinforcing sheet 4 comprising woven cloth or unwoven cloth, and the surface is further integrally covered by a surface protection layer 5.