In the present work, foamed polypropylene (PP) composites were prepared by chemical foaming technology, and the foaming quality and impact property of the foamed PP composites were studied. The results showed that the foaming quality was significantly improved after the introduction of thermoplastic rubber (TPR) and polyolefin elastomer (POE). Meanwhile, it was found that the impact property depended on the intrinsic toughness and contribution of foams (cells) to the PP composites. Furthermore, the data regarding impact property in low temperature showed that when the temperature was between −80 and −20 °C, the impact properties of the foamed PP composites were higher than that of the unfoamed sample, which was due to the impact property being completely contributed by cells under this condition. Meanwhile, when the temperature ranged from −20 to 20 °C, the impact property of the unfoamed sample was higher, which was due to the PP matrix contributing more to the impact property under this temperature. This work significantly improved the foaming quality of foamed PP composites and provided reliable evidence for the improvement of impact property.