Foam flooding is an effective oil displacement technique to improve fluid sweep efficiency and increase oil recovery. The objective of this paper is to investigate the applicability of ultra-low IFT foam flooding for low permeability oil recovery under the conditions of WX reservoir block in Tuha oilfield (84°C, 86,072 mg/L). A modified amphoteric hydroxy sulfobetaine surfactant (Cn-HSB) was formulated as a foaming agent based on the principle of compatibility with crude oil that could achieve the ultra-low interfacial tension (IFT) and strong foamability simultaneously. This is shown to reduce the oil/water dynamic IFT (DIFT) to an ultra-low value of the order of 10−5 mN/m (0.10wt%), as well as produce a foam volume and half-life of 448 mL and 2567 s, respectively. In addition, results of IFT and foam quality tests indicate that the modified Cn-HSB has good thermal stability and excellent salinity-resistance. Moreover, the ultra-low IFT foam flooding has an ideal injectivity and oil displacement efficiency in low permeability porous media that can mobilize the trapped oil in k = 1.50 × 10−3μm2 with a threshold pressure gradient of 0.115 MPa/m. This improves oil displacement efficiency about 15%OOIP. Fundamental knowledge gained from this research gives insight into the application of ultra-low IFT foam flooding in low-permeability reservoirs under a combination of specific reservoir conditions.