Foam gel fracturing fluid has the characteristics of low formation damage, strong flowback ability, low fluid loss, high fluid efficiency, proper viscosity, and strong sand-carrying capacity, and it occupies a very important position in fracturing fluid systems. The rheological properties of gel fracturing fluid with different foam qualities of CO2, under different experimental temperatures and pressures, have not been thoroughly investigated, and their influence on it was studied. To simulate the performance of CO2 foam gel fracturing fluid under field operation conditions, the formula of the gel fracturing fluid was obtained through experimental optimization in this paper, and the experimental results show that the viscosity of gel fracturing fluid is 2.5 mPa·s (after gel breaking at a shear rate of 500 s−1), the residue content is 1.3 mg/L, the surface tension is 25.1 mN/m, and the interfacial tension is 1.6 mN/m. The sand-carrying fluid has no settlement in 3 h with a 40% sand ratio of 40–70-mesh quartz sand. The core damage rate of foam gel fracturing fluid is less than 19%, the shear time is 90 min at 170 s−1 and 90 °C, the viscosity of fracturing fluid is >50 mPa·s, and the temperature resistance and shear resistance are excellent. The gel fracturing fluid that was optimized was selected as the base fluid, which was mixed with liquid CO2 to form the CO2 foam fracturing fluid. This paper studied the rheological properties of CO2 foam gel fracturing fluid with different CO2 foam qualities under high temperature (65 °C) and high pressure (30 MPa) and two states of supercooled liquid (unfoamed) and supercritical state (foamed) through indoor pipe flow experiments. The effects of temperature, pressure, shear rate, foam quality, and other factors on the rheological properties of CO2 foam gel fracturing fluid were considered, and it was confirmed that among all the factors, foam quality and temperature are the main influencing factors, which is of great significance for us to better understand and evaluate the flow characteristics of CO2 foam gel fracturing fluid and the design of shale gas reservoir fracturing operations.