The invention provides a light weight composite gypsum board including a foamed low density set gypsum core, a top non-foamed (or reduced-foamed) bonding high density layer and a bottom non-foamed (or reduced-foamed) bonding high density layer, a top cover sheet bonded to the foamed low density set gypsum core by the top non-foamed (or reduced-foamed) bonding high density layer, and a bottom cover sheet bonded to the foamed low density set gypsum core by the bottom non-foamed (or reduced-foamed) bonding high density layer. The foamed low density set gypsum core is prepared having a density of less than about 30 pcf using soap foam in the gypsum-containing slurry. The combination of components provide a composite gypsum board having light weight and high strength.