Fifteen lightweight concrete mixes were tested to evaluate the effect of maximum size of coarse aggregate and the replacement level of natural sand on the various properties of fresh lightweight concrete. The different properties, such as water absorption against the elapsed time, pore size distribution and micro-structure of lightweight aggregates used, influencing on the workability of fresh concrete were also measured. Test results showed that the initial slump of lightweight concrete decreased with the increase of the replacement level of natural sand. The slump of all-lightweight concrete sharply decreased by around 80% of the initial slump after 30~60 minutes. The air content and bleeding rate of lightweight concrete were significantly affected by the replacement level of natural sand as well as the maximum size of coarse aggregates. Empirical equations recommended in ACI 211 and Korea concrete standard specifications underestimated the air content of the lightweight concrete, indicating that the underestimation increases with the decrease of the replacement level of natural sand. In addition, equations to predict the air content and bleeding rate of lightweight concrete were proposed based on the test results.