This paper presents the foaming behaviors of high-density polyethylene (HDPE)-based and polypropylene (PP)-based wood fiber composites with a small amount of nanosized clay. Melt compounding was used to prepare various types of clay-filled, wood fiber composites, such as intercalated and exfoliated clay composites. Their morphology was determined by using X-ray diffraction (XRD) and transmission electron microscopy (TEM). The extrusion foaming was conducted using N2 as the blowing agent. The cell nucleation and growth behaviors of composite foams were studied while varying temperature, pressure, wood fiber content, and clay content. The effects of clay content and exfoliation degree on the final cell morphology of wood fiber/polyolefin/clay nanocomposite foams were identified.