Cross-linked polyvinyl chloride (C-PVC) foams and their nanocomposite foams, containing Cloisite 30B nanoclays were prepared. The effects of compression molding pressure and time on the morphology and mechanical properties of different foams were studied. Increment of molding pressure led to higher apparent density, gel content, cell density, and expansion ratio, and wider cell size distribution, which improved the mechanical properties of the foams. Additionally, with the increasing of molding time, lower cell density and final expansion ratio, narrower cell size distribution, and higher gel content and mechanical properties could be obtained. Moreover, incorporation of Cloisite 30B nanoclay in a PVC matrix not only improved cellular microstructure and mechanical properties but also reduced water uptake ratios of nanocomposite foams.