Compared to the composite thin-walled tube, the composite foam sandwich pipe has better local flexural rigidity, which can take full advantage of the high strength of composite materials. In this paper, a series of composite foam sandwich pipes with different parameters were designed and manufactured using the prefabricated polyurethane foam coreskin co-curing molding technique with E-glass fabric prepreg. The corresponding axial-load compressive tests were conducted to investigate the influence factors that experimentally determine the axial compressive performances of the tubes. In the tests, the detailed failure process and the corresponding load-displacement characteristics were obtained; the influence rules of the foam core density, surface layer thickness, fiber ply combination and end restraint on the failure modes and ultimate bearing capacity were studied. Results indicated that: (1) the fiber ply combination, surface layer thickness and end restraint have a great influence on the ultimate load bearing capacity; (2) a reasonable fiber ply combination and reliable interfacial adhesion not only optimize the strength but also transform the failure mode from brittle failure to ductile failure, which is vital to the fully utilization of the composite strength of these composite foam sandwich pipes.