Pultrusion process of phenolic foam composite is investigated. Phenolic foam composites provide heat and flame resistance with less weight. When made into foam, a variety of properties can be obtained with different bubble size and number density. In this study, effect of process variables on the foaming characteristics of phenolic resin composites during pultrusion process has been studied experimentally. The process variables considered are the heating temperature and the pulling speed as well as the mass fraction of blowing agent. Experiments were performed using a laboratory scale pultrusion apparatus. Optimal process condition was found by observing the micro-morphology.