The development of degradable plastic foams is in line with the current development concept of being pollution free and sustainable. Poly(lactic acid) (PLA) microporous foam with biodegradability, good heat resistance, biocompatibility, and mechanical properties can be successfully applied in cushioning packaging, heat insulation, noise reduction, filtration and adsorption, tissue engineering, and other fields. This paper summarizes and critically evaluates the latest research on preparing PLA microporous materials by supercritical carbon dioxide (scCO2) physical foaming since 2020. This paper first introduces the scCO2 foaming technologies for PLA and its composite foams, discusses the CO2-assisted foaming processes, and analyzes the effects of process parameters on PLA foaming. After that, the paper reviews the effects of modification methods such as chemical modification, filler filling, and mixing on the rheological and crystallization behaviors of PLA and provides an in-depth analysis of the mechanism of PLA foaming behavior to provide theoretical guidance for future research on PLA foaming. Lastly, the development and applications of PLA microporous materials based on scCO2 foaming technologies are prospected.