Abstract: A precast concrete wall panel and system using such panels, with each panel including a rectangular concrete frame having a flat outer side and a recessed inner side. On the perimeter of the panel and along the face of the recessed inner side, concrete ribs are cast for stiffness. The recessed inner side is embedded with an insulation batt. A strip of wood molding is provided on each inner longitudinal edge of the frame. Using this molding, dry wall may be conveniently fastened to the concrete panel to finish the inside wall surface. To form a wall, the panels are placed side by side. Joints between the panels coincide with reinforcement rods extending upwardly from the building foundation. Recesses in the sides of the panels create channels or keys through which the rods extend. Concrete is poured into the keys to secure the panels to each other and to the foundation. The wall panels are complemented with special components such as corner components, window frames and door frames.