This study reports a potential approach for the valorization of glass waste (GW) that is mainly composed of amorphous silica to prepare lightweight foamed glass (FG). The preparation of FG was achieved by mixing sodium hydroxide with GW powder followed by sintering at a temperature of 800 °C. As-synthesized FG was characterized and applied as an effective adsorbent for the removal of hazardous organic water contaminants, in particular, methylene blue (MB) dye. FG exhibited porosity of 91%, bulk density of 0.65 g/cm3, compressive strength of 4 MPa, and thermal conductivity of 0.27 W/m·K. Theoretical treatment indicated that a monolayer model with one energy site was the best in fitting the removal of MB molecules. The number of MB molecules per active site (n) ranged from 2.20 to 1.70, suggesting vertical orientation and a multi-molecular adsorption mechanism. The density of FG receptor sites (DM) increased with the temperature, and this parameter played a vital role in the adsorption process. The adsorption capacity (Qsat) increased from 255.11 to 305.58 mg/g, which signifies endothermic interactions. MB adsorption on FG was controlled by physical forces such as electrostatic interactions (i.e., the adsorption energies were <20 kJ/mol). The results of this study prove the feasibility of glass waste as an effective and low-cost adsorbent for water remediation.