The dispersed particle gel (DPG) three-phase foam is a novel profile control and flooding system. The stability mechanism of the DPG three-phase foam was studied using an interfacial dilational rheology method. The results show that the elastic modulus of the DPG three-phase foam is up to 14 mN/m, which is much higher than the traditional foam. The increase in interface elasticity produces significantly positive effects on foam stability. Emphasis is given to the influences of frequency, temperature, pressure, and concentration on the viscoelasticity and interfacial adsorption of DPG particles, which change the modules of the foam interface and have a significant effect on foam stability. In addition, the microstructure of the DPG three-phase foam was observed. A viscoelastic shell is formed by the aggregation of the DPG particles on the interface. The irreversible adsorption gives the interface high elasticity and mechanical strength. The electrostatic repulsion between particles increases the spacing between bubbles. The combined effects of these factors give the interface higher mechanical strength, slow down the film drainage, effectively prevent gas permeation, and significantly improve the foam stability.