As global oil demand continues to rise and operators scale back on exploration investments, the adoption of enhanced oil recovery (EOR) technology is becoming increasingly essential. This approach strategically aims to optimize reserves in existing fields, maximizing production through efficient processes. In recent years, there has been a notable surge in the adoption of foam applications in EOR. These foam applications are particularly effective in managing gas mobility in injector wells and preventing gas blockages in production wells. The use of foam has proven to be an effective method for addressing reservoir heterogeneity concerns, including viscosity fingering, gravity segregation, and channeling. These solutions maintain operational stability while improving the efficiency of oil recovery. However, persistent challenges remain ongoing, such as foam solution quality, foamability, stability under high pressures and temperatures, and interactions with the oil phase. Thus, ongoing research and development are crucial to overcome these challenges and optimize the use of foam in enhanced oil recovery. This paper aims to comprehensively review and synthesize the most pertinent studies on foam-based enhanced oil recovery (EOR). The study thoroughly investigates the factors that affect foam stability and efficiency, offering a comprehensive understanding of foam generation in porous media. The paper review identifies knowledge gaps and proposes methods to incorporate physical understandings of experiments into assessments of foam project performance. The paper explores the applications of foam in laboratory and field settings, highlighting recent advancements in improving foam stability.