A waterproof safety article of footwear and preferably, but not exclusively, constructed with an outer shell formed from EVA (ethyl vinyl acetate) material, is described. It is comprised of an outer boot shell formed of waterproof material capable of being injection molded and an inner protective boot liner which is positioned inside the boot shell. The protective liner has a puncture proof insert, preferably a toe cap and sole plate secured thereto. The outer shell can also be molded from TPR (thermoplastic rubber) material. In order to achieve a maximum light weight safety article of footwear, the protective liner has a toe cap and a sole plate formed from composite materials and the outer shell is molded from EVA material. The method of constructing the waterproof safety article of footwear is also described.