Compared to conventional fracturing techniques, foam fracturing has numerous advantages, including good shear resistance, strong sand carrying capacity, low fluid loss, low damage, and fast return rates. It is particularly suitable for stimulation in low pressure, low permeability, and water-sensitive formations. Specifically, CO2 foam fracturing is crucial in energy savings and emission reductions, controlling the expansion of reservoir clay minerals, reducing crude oil viscosity, and improving the production of water-locked reservoirs. In this paper, we investigate the foam fracturing fluid and evaluate its performance. We selected thickeners with good foaming stability and foaming agents with excellent performance at low dosage levels, based on experimental evaluation. We finally determined the formulation of the foam fracturing fluid by analyzing the experimental data, such as foam half-life, foam mass, and viscosity. We experimentally evaluated the viscosity, static sand settling properties, and rheological properties of the fluid. After being tested on the reservoir core, the foam fracturing fluid has a viscosity of 2 mPas. Moreover, the residue content is 1.1 mg/L, the surface tension is 24.5 mN/m, and the interfacial tension is 1.5 mN/m. The fluid-carrying sand experiment of 40–70 mesh ceramic particles, commonly used in shale gas fracking, was evaluated. The sand-to-liquid ratio was set at 40% for the static sand-carrying experiment. The flow of the fluid-carrying sand was good, and the settling property was satisfactory for 3 h. We used shale reservoir cores from well W-1 to assess the rate of foam fracture, which was less than 19%. Under the experimental conditions of a shear rate of 170 S−1 and a temperature of 90°C, the viscosity of fracturing fluid was measured to be greater than 50 mPas, 90 min after shear, demonstrating the excellent temperature and shear resistance of the foam fracturing fluid. Using CO2 foam fracturing fluid can significantly improve the reconstruction effect of low permeability hydrocarbon reservoirs (especially unconventional reservoirs) and solve problems related to water resources and environmental protection during the process of oil and gas reservoir development. It will be a major factor in improving construction impacts and addressing water and environmental concerns for low permeability hydrocarbon reservoirs, particularly unconventional ones that utilize CO2 foam fracturing fluids.