In the present study, the effects of blowing agent concentration, surfactant, and resin viscosity on the cellular structure, density, and compressive strength of phenolic foams were investigated. The mechanism of foaming was studied by thermal analyses, as well. The scanning electron microscopy was performed to investigate the morphology of foams. The presence of surfactant was essential to obtain a foam structure. By increasing the amount of blowing agent in the formulation, the bubbles became larger. The variation of the resin viscosity had the sharp effect on the cell size and its distribution so that the cell size dropped from 108 to 77 μm in the sample with the highest viscosity. The mechanical properties were significantly affected by foam structure as well as the cell uniformity. By decreasing the average cell sizes, the compression strength and modulus were improved up to more than 60%. Finally, the optimum values for viscosity of resin and, blowing agent, and surfactant concentrations were obtained.