The incorporation of nano carbon reinforcement is a useful strategy to broaden the engineering applications of metal foams. In this work, carbon nanotubes (CNTs) reinforced aluminum (Al) matrix composite foams (CNTs/Al composite foams) with different CNTs content are prepared by combining ball-milling technique with powder metallurgy method. The result shows that the appropriate content of CNTs can reduce the pore size, improve the circularity, and enhance the compressive properties. Especially, the 1.0 wt% CNTs/Al composite foams possess the optimal compressive properties of yield stress (7.90 MPa), plateau stress (8.75 MPa) and energy absorption capacity (5.19 MJ/m3), which have an enhancement of 23.24%, 98.41% and 84.70%, respectively. Composite foams undergo shear deformation throughout the quasi-static compression process, and the failure mode performs as the brittle mode combined with ductile mode. Meanwhile, the incorporation of CNTs can contribute to the inhomogeneous distribution of the Si phase, provide more nucleation sites, and significantly refine the pore size. It is confirmed that the CNTs in composite foams contribute the grain refinement and the formation of micro stacking faults, making the mechanical properties of CNTs/Al composite foams outperform the counterpart of Al-Si foams. Moreover, due to the weak interfacial reaction, the low content of aluminum carbide is formed, which can promote the load transfer between CNTs and Al. The present finding provides a theoretical and practical design strategy to the future preparation of CNTs/Al composite foams.