With the increasing demand for high temperature-resistant heat insulation materials for hypersonic vehicles, carbon foam has been studied extensively, and its mechanical and thermal properties have been fully researched, but the oxidation behavior of carbon foams during service and the change in their properties after oxidation are rarely studied. This paper studied the relationship between both mechanical and thermal properties and oxidation degree of two kinds of foams, coal-based carbon foam and antioxidant coal-based carbon foam with chemical vapor deposition of SiC particles. The variation trend for the two kinds of foam was the same. When the oxidation degree was less than 15%, the compression modulus and strength weakened with the increase in weight loss rate, but the thermal conductivity decreased with the increase in weight loss rate, which was a favorable influence for the thermal protection system. The mechanical and thermal properties had a linear relationship with the weight loss rate, but the slope was different between 0% to 10% and 10% to 15%. The microscopic mechanism of these changes was also analyzed.