This study investigates the cell structure control in 50% thermoplastic polyurethane (TPU) and 50% acrylonitrile butadiene styrene (ABS) blend foam using CO2 as a physical blowing agent, focusing on the effects of variable foaming parameters on the microstructure. Samples measuring 25 × 25 × 1 mm were produced and analyzed for foam structure. The foaming process involved saturating the samples with CO2 gas at pressures of 4, 5.5, and 7 MPa, followed by rapid pressure release and immersion in a hot glycerol bath. The foaming parameters included varied temperatures (80, 90, and 120°C) and times (5–80 s). Scanning electron microscope (SEM) analysis provided data on cell size and density. Results indicated that increasing the saturation pressure enhanced CO2 uptake in the ABS/TPU blend, with the CO2 uptake rate peaking early in the process. Higher foaming temperatures and extended foaming times led to increased cell size, cell density, and expansion ratio. These findings highlight the significant role of process parameters in controlling the cell structure of ABS/TPU blend foams, offering valuable insights into optimizing foam properties for industrial applications.