Synthetic aliphatic biodegradable poly(butylene succinate) (PBS) nanocomposites with multiwalled carbon nanotube (MWNT) were investigated to study the effects of the preparation method and MWNTs on physical characteristics of biodegradable polymer nanocomposite foams. PBS nanocomposites were prepared by the solution blending and melt mixing methods. Nanocomposites of PBS/MWNT were also prepared by the SOAM method, where the solution-blended nanocomposites were further mixed in the melt state. The dispersion of MWNTs in the PBS matrix was characterized by FT-Raman spectroscopy, field-emission scanning electron microscopy (FE-SEM), and field-emission transmission electron microscopy (FE-TEM). The mechanical and thermal properties of the PBS nanocomposites were measured using a universal test machine (UTM), thermogravimetric analysis (TGA), and differential scanning calorimetry (DSC). Nanocomposite foams with high-density closed cells were prepared by using a chemical blowing agent (CBA) that acted as a cell-nucleating agent. The effects of the foaming conditions and MWNTs on the blowing ratio, cell size distribution, and morphology of the expanded PBS foams were investigated. The effect of the CBA content on the blowing ratio, cell size distribution, and morphology was also investigated.