In the present work, biocomposite foams of bioactive glass along with polyvinyl alcohol and sodium alginate are designed and developed as a potential biomaterial for bone regeneration. These biocomposite foams have a low density of 0.92 g/cm(3), providing desired property for bone tissue engineering applications. Biocomposite foams were prepared via surfactant foaming. Scanning electron microscopic characterization revealed pore size of 200-500 microm of the biocomposite foams. When these materials were incubated in simulated body fluid, hydroxyapatite layer formation was observed on the material surface. To confirm the cell viability and proliferation on these materials, MTT [3-(4,5-dimethylthiazol-2-yl)-2,5-diphenyltetrazolium bromide] assay was performed with NIH 3T3 fibroblast cells and the results revealed good biocompatibility with the biocomposite foams. Cell adhesion studies further confirmed the biocompatibility of the scaffolds via cell attachment and ECM production. The optimally synthesized biocomposite foams had a good combination of physical properties with compressive strength of 1.64 MPa and elastic modulus of 18 MPa. In view of the favorable combination of physical and biological properties, the newly developed materials are considered to be suitable for regeneration of trabecular bone.