Nanocomposite foams were fabricated from 60/40 wt% ethylene vinyl acetate (EVA)/natural rubber (NR) blends by using azodicarbonamide as a blowing agent. Two different nanofillers (sodium montmorillonite and organoclay) were employed to study their effects on foam properties. The results were also compared with conventional (china clay)‐filled foams. Transmission electron microscopy, X‐ray diffraction, scanning electron microscopy, and three‐dimensional Microfocus X‐ray computed tomography scanning analysis were performed to characterize the EVA/NR blend morphology and foam structures. The results revealed that the nanofiller acted as a blend compatibilizer. Sodium montmorillonite was more effective in compatibilization, generating better phase‐separated EVA/NR blend morphology and improving foam structure. Higher filler loading increased the specific tensile strength of rubber foams. The rubber nanocomposite foam showed superior specific tensile strength to the conventional rubber composite foam. The elastic recovery and compressive strength of the nanocomposite foams decreased with increasing filler content, whereas the opposite trend was observed for the conventional composite foams with china clay. The thermal conductivity measurement indicated that the nanofiller had better beneficial effect on thermal insulation over china clay filler. From the present study, the nanofillers played an important role in obtaining better blend morphology as compatibilizer, rather than the nucleating agent and the nanofiller content of 5 phr (parts by weight per hundred parts of rubber) was recommended for the production of EVA/NR nanocomposite foams. J. VINYL ADDIT. TECHNOL., 21:134–146, 2015. © 2014 Society of Plastics Engineers