The process of water-based foaming of bitumen produces binders that can be incorporated in cold recycled asphalt mixes and pavement upper structural layers made of half-warm mix asphalt prepared at 100–130 °C. During the foaming process, cold water and air act on hot bitumen (160–170 °C), which results in the explosive vaporization of water leading to changes in the binder structure. The impact of foaming on the properties of bitumen 70/100 was evaluated by investigating the binder characteristics before and after foaming. Determination of two foaming parameters, maximum expansion and half-life, was followed by measurements of penetration at 25 °C, softening point, Fraass breaking point, and dynamic viscosity at 60, 90, and 135 °C. Rheological and low-temperature tests were also performed before and after foaming bitumen 70/100. The Bending Beam Rheometer method was applied to determine the low temperature stiffness modulus. A DHR-2 rheometer was used to determine the dynamic modulus and phase angle of the tested binder. The Black and master curves before and after foaming were plotted in the 2S2P1D model and the model parameters were analysed. Analysis of the test results confirmed the effects of the foaming process on the basic, low-temperature, and rheological characteristics of the bitumen.