Abstract: Foam concrete (FC) is a lightweight thermal insulating material that exhibits excellent properties, including sound absorption, heat resistance, corrosion resistance, and fire resistance, and has been widely applied in construction, fire protection, ground engineering, and environmental protection. The performance of FC strongly depends on the stability of its foam system; therefore, elucidating the effects of foaming agents and foam stabilizers on foam behavior is of critical importance. This paper systematically reviews recent research progress on foaming agents and foam stabilizers for FC, covering foaming and destabilization mechanisms, methods for evaluating foam performance, and the types, mechanisms of action, and performance characteristics of various foaming agents and stabilizers. In addition, the application of foaming agents and foam stabilizers is critically summarized, and the focus was on discussing newly developed foaming agents adapted for complex environments, as well as the foam-stabilizing effects and mechanisms of hydrophilic and hydrophobic nano-silica (NS). Finally, this review points out the current challenges in research on foaming agents and foam stabilizers, and envisaged the future research directions and potential practical applications.