In this study, acrylonitrile butadiene styrene (ABS)/thermoplastic polyurethane (TPU) composite foam blown with CO2 was fabricated. Optimization was done by design of experiment (DOE) on the cellular structure using the Taguchi method. Foaming time (20, 40, and 80 s), saturation pressure (4, 5.5, and 7 MPa), and foaming temperature (80, 90, and 120°C) are the input parameters. The results obtained from the signal‐to‐noise (S/N) analysis showed that the most effective factor on the cell density (CD) was the saturation pressure and its influence rate was 48.05%, and also, the CD improved with the increase in the saturation pressure because the high saturation pressure leads to an enhancement in gas solubility and the rate of cell nucleation. Moreover, the foaming temperature and the foaming time had a noteworthy impact on the void fraction and the cell size (CS), and they should be controlled accurately. The impression rate of the foaming time on the CS was 50.86%, and also, with increase in the temperature and the time of foaming, the void fraction showed an increasing trend. The optimal values for the CD, the CS, and the void fraction were predicted to be 1.18 × 109 cells/cm3, 5.37 μm, and 0.5744%, respectively.