Foam has wide applications in oil and gas resource development, environmental engineering, and chemical industries due to its favorable rheological properties and interfacial characteristics. However, foam stability is influenced by a complex interplay of external and intrinsic factors, including surfactant type, gas-to-liquid ratio, temperature, and pressure. The combined effects of these factors can significantly alter foam characteristics, with each influencing the other in ways that can either enhance or destabilize foam. This research investigates these factors in detail, exploring how they interact to impact foam stability and how their optimization can enhance foam performance for various applications. The study delves into the role of interfacial tension in foam stability, highlighting how surfactant properties, gas composition, and liquid characteristics contribute to foam formation and stability. The study also reviews advancements in foam technology, particularly in oil production, CO₂ storage, environmental pollution management, and the creation of novel materials, while examining strategies for boosting foam stability under extreme conditions. Findings indicate that the gas-to-liquid ratio, surfactant type, temperature, and pressure all play key roles in foam stability, and fine-tuning these parameters can lead to significant improvements in foam performance. In harsh environments, maintaining foam stability presents substantial challenges. This research further proposes methods to enhance foam stability. Foam technology demonstrates broad potential in fields like oil recovery and wastewater treatment, where optimized foam stability can improve both reservoir recovery and treatment efficiency. This review summarizes the latest advancements in foam stability research, providing valuable insights for the further development of foam technology.