A silicone rubber foam is prepared by introducing polydiborosiloxane (PDBS) into silicone rubber, and using expandable microspheres as blowing agents. The influences of the dual network structure with dynamic cross‐linking network on the silicone rubber foam is characterized by the cell size, mechanical properties and impact resistance. The cell size increases from 77 to 93 μm due to the introduction of a dynamic cross‐linking network which reduces foaming resistance. The elongation at break elevates from 277% to 574%, and the yield strength gradually decreases. The dynamic cross‐linking network also enhances the internal damping characteristic and energy absorption capacity of the foam. The impact resistance of silicone rubber foam is improved because of the synergistic effect of the dual network structure and the bubble structure. The research improves the performance of silicone rubber foam.