The optical and spectral properties of foams and emulsions provide information about their micro-/nanostructures, chemical and time stability and molecular data of their components. Foams and emulsions are collections of different kinds of bubbles or drops with particular properties. A summary of various surfactant and emulsifier types is performed here, as well as an overview of methods for producing foams and emulsions. Absorption, reflectance, and vibrational spectroscopy (Fourier Transform Infrared spectroscopy-FTIR, Raman spectroscopy) studies are detailed in connection with the spectral characterization techniques of colloidal systems. Diffusing Wave Spectroscopy (DWS) data for foams and emulsions are likewise introduced. The utility of spectroscopic approaches has grown as processing power and analysis capabilities have improved. In addition, lasers offer advantages due to the specific properties of the emitted beams which allow focusing on very small volumes and enable accurate, fast, and high spatial resolution sample characterization. Emulsions and foams provide exceptional sensitive bases for measuring low concentrations of molecules down to the level of traces using spectroscopy techniques, thus opening new horizons in microfluidics.