Natural rubber foam (NRF) can be prepared from concentrated natural latex, providing specific characteristics such as density, compression strength, compression set, and so on, suitable for making shape-memory products. However, many customers require NRF products with a low compression set. This study aims to develop and prepare NRF to investigate its recoverability and other related characteristics by the addition of charcoal and silica fillers. The results showed that increasing filler loading increases physical and mechanical properties. The recoverability of NRF improves as silica increases, contrary to charcoal loading, due to the higher specific surface area of silica. Thermodynamic aspects showed that increasing filler loading increases the compression force (F) as well as the proportion of internal energy to the compression force (Fu/F). The entropy (S) also increases with increasing filler loading, which is favorable for thermodynamic systems. The activation enthalpy (∆Ha) of the NRF with silica is higher than the control NRF, which is due to rubber–filler interactions created within the NRF. A thermodynamic concept of crosslinked rubber foam with filler is proposed. From theory to application, in this study, the NRF has better recoverability with silica loading.