The soft PBAT foam shows good flexibility, high elasticity, degradable nature, and it can be used as an environmental-friendly candidate for EVA and PU foams. Unfortunately, there are few reports on the application of PBAT as a soft foam. In this study, PBAT foam was fabricated by a pressure quenching method using CO2 as the blowing agent. A significant volume shrinkage of about 81% occurred, where the initial PBAT foam had an extremely high expansion ratio, of about 31 times. A 5–10 wt% PBS with high crystallinity was blended, and N2 with low gas solubility and diffusivity was mixed, with the aim of resisting foam shrinkage and preparing PBAT with a high final expansion ratio of 14.7 times. The possible mechanism behind this phenomenon was established, and the increased matrix modulus and decreased pressure difference within and outside the cell structure were the main reasons for the shrinkage resistance. The properties of PBAT and PBAT/PBS foams with a density of 0.1 g/cm3 were measured, based on the requirements for shoe applications. The 5–10 wt% PBS loading presented advantages in reducing thermal shrinkage at 75 °C/40 min, without compromising the hardness, elasticity, and the compression set, which ensures that PBAT/PBS foams have good prospects for use as soft foams.