A precast concrete panel and method for forming the panel are disclosed. A method of forming the panel to be used as a floor, wall, or roof structure includes positioning one or more forming members within a casting bed having a plurality of upright surfaces defining a generally rectangular interior area, the one or more forming members comprising an insulating material extending along a length dimension of the one or more forming members to define a plurality of rectangular-shaped channels in a parallel and spaced-apart relationship, placing uncured concrete within the casting bed and allowing the concrete to cover the one or more forming members and substantially fill the channels, and allowing the concrete to cure.