CO2-soluble surfactant foam systems have gained significant attention for their potential to enhance oil recovery, particularly in tight oil reservoirs where conventional water-soluble surfactants face challenges such as poor injectability and high reservoir sensitivity. This review provides a comprehensive explanation of the basic theory of CO2-soluble surfactant foam, its mechanism in enhanced oil recovery (EOR), and the classification and application of various CO2-soluble surfactants. The application of these surfactants in tight oil reservoirs, where low permeability and high water sensitivity limit traditional methods, is highlighted as a promising solution to improve CO2 mobility control and increase oil recovery. The mechanism of enhanced oil recovery by CO2-soluble surfactant foam involves the effective reduction of CO2 fluidity, the decrease in oil–gas flow ratio, and the stabilization of the displacement front. Foam plays a vital role in mitigating the issues of channeling and gravity separation often caused by simple CO2 injection. The reduction in gas fluidity can be attributed to the increase in apparent viscosity and trapped gas fraction. Future research should prioritize the development of more efficient and environmentally friendly CO2-soluble surfactants. It is essential to further explore the advantages and challenges associated with their practical applications in order to maximize their potential impact.