Due to the low melt strength, PET foam cells easily grow, and due to the low CO2 concentration in PET, generating more nucleation sites during the foaming process is difficult. As a result, PET foam produced using the supercritical CO2 foaming method possesses a large cell size and a low expansion ratio, which leads to poor mechanical performance. In addition, there has not been much research on how to improve CO2 concentration in PET. In this work, the PC with higher melt strength and CO2 absorption capacity was incorporated into the PET matrix to improve the foaming behaviors of the blend. The results showed that the melt strength and CO2 concentration of PET/PC blends are much higher than that of pure PET. For instance, the melt strength and CO2 concentration of the PET/PC10 blend would be more than twice that of pure PET when the PC content is only 10%wt. By studying the foaming behavior, it was found that high melt strength inhibited the cell overgrowth and collapse of PET/PC foam, resulting in the foam with good cell structure was obtained. In addition, the high CO2 concentration in PET/PC blend is conducive to cell nucleation, thereby increasing the foam expansion ratio during the CO2 foaming process. Finally, the PET/PC blend foam with excellent mechanical properties was obtained. To be specific, the expansion ratio of the PET/PC blend foam was about 9.61, and the average cell size was only 40.38 μm. And the PET/PC blend foam possessed an excellent compressive strength of 7.41 MPa due to the strong interfacial bead cohesion, which showed the application prospect in the field of construction engineering.