In the field of material science, foaming agents common are commonly used for enhancing the thermal insulation and phase change materials (PCM) for heat storage. However, PCM tends to agglomerate in the cement slurry with the directly addition, presenting an obstacle to effective dispersion. Moreover, the addition of PCM leads to rapid defoaming. To overcome this issue, a novel nanoparticle-stabilized foam was designed in this study to create a three-component system that enhances the interaction of viscosity modifiers, surfactants, and foam stabilizers. The effect of cement density on thermal insulation was evaluated by analyzing thermal conductivity and heat transfer performance tests, as well as exploring the mechanical properties of the cement-based materials. Scanning electron microscope (SEM) images show that the foam designed in this study remarkably promotes the dispersion of PCM microcapsules, indicating the bridging interactions of foam in the cement paste. The result shows that the thermal conductivity of foam cement with 15 vol% PCM microcapsules drops from 0.11 W/m·k to 0.07 W/m·k compared to that without PCM addition, with a dry density around 600kg/m. Furthermore, the specimens with the addition of PCM achieve the endothermic and exothermic peaks under experimental images. This discovery is of great significance to heat absorption ability of low-density concrete, where the addition of PCM leads to a slower foam bursting under the nanoparticle-reinforced foam system. The dispersion and connectivity of foams, as well as the physical characteristics of PCM, provide new perspectives for coexistence in a relatively stable system in this way.