Taking aluminum powder and silicon powder as matrix powder and TiH2 as foaming agent, the aluminum foam was prepared by powder composite rolling method. Then, the microstructure composition of aluminum foam precursor, macroscopic morphology and pore structure parameters of aluminum foam were analyzed by SEM, EDS and XRD, and the pore structure characteristics of aluminum foam under different rolling processes were studied. The results show that with the increasing of rolling deformation, the dispersion of Si/Ti metal powder in the matrix of aluminum foam precursor is improved, and the densification degree is improved. After foaming, the wall thickness of pore is inversely proportional to the rolling deformation, and the area of solid area increases with the increasing of rolling deformation. With the increasing of rolling temperature, the foaming time of aluminum foam is shorter, the expansion rate is higher, and the foaming degree is higher. At the rolling temperature of 500 °C, the matrix powder in the precursor is more closely bonded, the powder gap is reduced, the thickness and hardness of dense layer for precursor are small, and the gas diffusion power in the foaming process is large. After foaming, the solid layer area is small, the wall thickness of foam pore for sample becomes thinner, and the roundness value is higher. The aluminum foam prepared by the powder composite rolling method has the best pore structure characteristics at the rolling temperature of 500 °C and the rolling deformation of 60%.