The physical and rheological properties of thermoplasticized irradiation-crosslinked polyethylene foam using supercritical methanol treatment were investigated by GPC, FTIR, DSC, WAXS, DMTA and UDS. The polyethylene foam was selectively decrosslinked into thermoplasticized polyethylene in an appropriate supercritical methanol condition without any undesirable side reactions such as oxidation and disproportionation. The thermoplasticization was promoted with increasing reaction temperature to reach completion above $380^{circ}C$. The supercritical reaction condition affected the crystallization behavior, and mechanical and rheological properties of the decrosslinked polyethylene foam, but not its crystallographic structure or crystallinity.