Perfusion explosives were prepared using foamed SF-3 propellants, which were synthesized by a two-stage batch foaming process with different saturation time in supercritical fluid CO2 as a foaming agent. The foamed SF-3 propellants were characterized by scanning electron microscopy (SEM). Underwater detonation tests and test-board detonation tests were carried out to investigate detonation performance of the prepared perfusion explosives. Results showed that more saturation time during the foaming process leads to more pores and cracks. Perfusion explosives prepared using foamed SF-3 propellants exhibited much higher shock wave energy and stronger damage effectiveness than those using unfoamed SF-3 propellants. Perfusion explosives prepared using foamed SF-3 propellants with a saturation time of 2 h exhibited the highest shock wave energy and damage effectiveness, which decreased as the saturation time increased.