Polymeric foams have characteristics that make them attractive for different applications. However, some foaming methods rely on chemicals that are not environmentally friendly. One of the possibilities to tackle the environmental issue is to utilize supercritical carbon dioxide ScCO2 since it is a “green” solvent, thus facilitating a sustainable method of producing foams. ScCO2 is nontoxic, chemically inert, and soluble in molten plastic. It can act as a plasticizer, decreasing the viscosity of polymers according to temperature and pressure. Most foam processes can benefit from ScCO2 since the methods rely on nucleation, growth, and expansion mechanisms. Process considerations such as pretreatment, temperature, pressure, pressure drop, and diffusion time are relevant parameters for foaming. Other variables such as additives, fillers, and chain extenders also play a role in the foaming process. This review highlights the morphology, performance, and features of the foam produced with ScCO2, considering relevant aspects of replacing or introducing a novel foam. Recent findings related to foaming assisted by ScCO2 and how processing parameters influence the foam product are addressed. In addition, we discuss possible applications where foams have significant benefits. This review shows the recent progress and possibilities of ScCO2 in processing polymer foams.