Foam material prepared mainly by waste paper fiber is a new cushion material in recent year. Three single-factor tests were designed. Waste paper fiber and starch were used as main materials; two kinds of foaming agent were applied to the material with three kinds of combination; and microwave radiation method was used to prepare paper fiber foam materials. The density, foaming rate, foaming weight loss rate, and dry weight loss rate of the molded samples were tested and the influence of different foaming agent formula on sample properties and fabrication process was compared. The results showed that composite foaming agent has better foaming effect and less energy consumption than single foaming agent.