Carbon dioxide (CO2) foam fracturing fluid possesses the characteristics of easy flowback, small liquid quantity, and low damage for formation, which has widely concerned in unconventional oil and gas exploitation. In this study, we synthesized a high-efficiency CO2 foaming agent and studied the factors affecting its foam properties. On this basis, thickener with good foaming stability was selected, and the CO2 foam fracturing fluid system was formed. Then, the rheological, static sand settling, friction resistance and gel-breaking properties of the system were measured. This foam fluid system has a high foam quality under supercritical conditions of CO2, up to 88.9%. After shearing under the shear rate of 100 s−1 at 100 °C, the viscosity of fracturing fluid is higher than 60 mPa · s, indicating the excellent temperature and shear resistance of the foam fluid. The sand-carrying property of this foam fluid-loaded sand is good, in which the sand sinking rate in 60 min is less than 10%. Besides, this system has good gel-breaking performance and low residue content, where the residue content was lower than 100 mg/L. As is known, CO2 foam fracturing fluid cannot only improve the reconstruction effect of low permeability reservoirs, but also promote the solution of water shortage and environmental protection problems in the process of oil and gas reservoir development. It has broad application prospects in the context of water saving and environmental protection technology. This paper will provide an important way for the green development of unconventional oil and gas reservoirs.