Water-based fracturing fluids are among the most common fluid types used in hydraulic fracturing operations. However, these fluids tend to cause damage in water-sensitive formations. Foam comprises a small amount of base fluid, and compressible gas such as carbon dioxide and nitrogen has emerged as a more ecologically friendly option to fracture such formations. Foam is an attractive option since it has a low density and high viscosity. The applicability of foamed frac fluid is characterized by foam stability and rheology, encompassing the viscosity and proppant carrying ability. The foam quality, pressure and temperature affect the foam rheology. Generally, foam viscosity and stability increase with pressure but decrease when the temperature increases. Hence, it is essential to preserve foam stability in high pressure and high temperature (HPHT) reservoir conditions. The addition of nanoparticles could increase the thermal stability of the foam. This article provides the basis of foam-based fracturing fluid characterization for an optimal application in HPHT reservoir conditions. Then, focusing on improving thermal stability, it reviews the research progress on the use of nanoparticles as foam stabilizing agent. This paper also sheds light on the literature gaps that should be addressed by future research.