Magnesium-based composites reinforced with open-celled carbon foams (Cof) of porosity approx. 97 vol % and three cell sizes (20, 45 and 100 ppi) were examined to characterize the influence of foam cell size on the microstructure and properties when pure magnesium and two cast alloys AZ31 and RZ5 were used as matrices. All composites were fabricated by pressure infiltration under the same conditions (temperature, pressure, time). For each matrix composition, two main factors due to the presence of the foam determined the composite microstructure—the efficiency of foam penetration and different conditions of metal crystallization. The lowest porosity was obtained when Cof45ppi was used and was independent of the applied matrix composition. The metallic component microhardness increased with a decrease in the carbon cell size as well as a decrease in the α-Mg grain size; both of those results should be taken into account during theoretical calculations. Compression and three-point bending strength measurements showed increases as the carbon cell size decreased, but reinforcing effectiveness relative to the matrix material depended on the metal matrix composition. At the fractured surface, different structural effects in the foam and matrix as well as at the interface were observed and depended on the foam geometry, metal composition and mechanical test type. In glassy carbon foam, those effects occurred as cracking across walls, fragmentation, and delamination, while in the matrix, shear bands and intergranular cracking were observed. On the delaminated foam surface, the microareas of a thin oxide layer were detected as well as dispersed phases characteristic for the applied matrix alloys. The accumulation of intermetallic phases was also observed on the metal matrix surface in microareas delaminated from the carbon foams. Mechanical property results indicated that among the tested, open-celled, carbon foams a 45 ppi porosity was the most useful for pressure infiltration and independent of magnesium-based matrix composition.