This paper presents the development of Ultra-Lightweight Fibre Reinforced Concrete (ULFRC) applying expanded waste glass in form of lightweight aggregates. The modified Andreasen & Andersen particle packing model and an optimal amount of polypropylene fibres are utilized in the design and production of ULFRC. The density, mechanical properties and thermal conductivity of the developed ULFRC are measured and analyzed. The ULFRC with a dry density of 750 kg/m3 is produced. It is found that hybridization and an optimized amount of polypropylene fibres are beneficial for improving the mechanical properties of ULFRC. Moreover, compared to the other lightweight concretes with the same density, the ULFRC developed in this study has improved mechanical properties and lower thermal conductivity, therefore it can be utilized as a new material for the production of floating structures, insulating elements or even for load bearing applications. As sustainable development is currently a crucial global issue and various industries are striving to save the energy and lower the environmental impact, the developed ULFRC has a good prospect in the near future.