Epoxy foams have been developed using soy-based resin system synthesized at University of Missouri - Rolla. The soy-based resin system was developed by the process of transesterfication and epoxidation of soybean oil. A physical blowing agent was used to foam the soy-based resin. The performance of foams was evaluated by testing for compression in both parallel and perpendicular to rise direction. The tests were carried out at room temperature and at the elevated temperature. The compression properties showed a decreasing trend for increasing amounts of soy resin. The density and the thermal properties of the epoxy foams were also evaluated. The relation between the composition, density and properties of the foam was analyzed. Soy-based epoxy foams are potential low cost and environmentally benign materials for structural applications.