Various applications of CO2 have received extensive attention, especially those realizing the reuse of the greenhouse gas and meeting the application requirements simultaneously, of which the CO2 enhanced oil recovery (EOR) and enhanced gas recovery (EGR) approaches is a paradigm. In recent years, the applications of CO2 foam as flooding or fracturing system are both of the research hotspots. Since conventional surfactants are generally poor in stabilizing CO2 foam, the exploration of CO2 foam stabilizer is of great significance, while it is also a difficult problem. In this work, a kind of hydrophobically modified water-soluble polyelectrolyte (HMPE) was used in the stabilization of CO2 foam containing millimeter-sized and micron-sized bubbles, which both exhibit high stability and perfect foam viscoelasticity, due to the enhancement of the mechanical strength of the foam films through HMPE absorbed at the gas/liquid interfaces. The interaction between the CO2 bubbles and ceramiste particles was investigated, the mechanism of the excellent sand-carrying performance of the CO2 foam system was discussed. Based on the comprehensive understanding of all aspects of the properties, the HMPE-CO2 foam system has bright potential being used in the CO2-foam fracturing.