Currently, oily foam stability in CO2 injection for heavy oil recovery exhibits inadequacies that considerably constrain its extensive application. Some scholars have conducted research demonstrating that CO2-soluble surfactants can assist in inducing heavy oil to form oil-based foams (oily foam). In this study, stability tests for the oily foam were conducted at different surfactant concentrations using a visualized PVT cell. Oily foam stability was assessed by calculating the comprehensive foam index (S) and analyzing the bubble images. The research indicates that AOT can effectively reduce the interfacial tension between oil and gas. At a concentration of 0.1 wt % AOT, the interfacial tension can be effectively reduced from 1.75 to 1.14 mN/m. The concentration of 0.3 wt % AOT represents a turning point, with an S of 16 101.7 mL·min. Beyond this concentration, the increase in S becomes less pronounced. As the concentration of CO2-soluble surfactant is increased from 0.1 to 0.5 wt %, the average bubble radius decreases from 2.74 to 0.43 mm, while the number of bubbles per unit area increases from 5.56 to 81.1 per cm2. With an increasing concentration of the CO2-soluble surfactant, the system generates more and smaller gas bubbles within the oily foam, resulting in a slower bubble coalescence. The findings of this study are poised to play a pivotal role in enhancing heavy oil recovery efficiency.