Starch/PBAT blends were reactively extruded as masterbatch with the addition of tartaric acid (TA) and epoxide chain extender ADR4468 (ADR). The effects of tartaric acid and chain extender on the mechanical properties and structure of starch/PBAT blends were evaluated. The tensile strength of starch/PBAT blends with TA and TA/ADR increased by 31.4% and 85.6%, respectively. Further, starch, plasticizer, and blowing agent were melt extruded with this blend masterbatch, and the effects of masterbatch on the foamability, morphology, and properties of starch foams were investigated. When the masterbatch content was 10 phr, the obtained foam had the lowest apparent density (445.1 kg m−3), and the compressive strength, recovery, and water resistance of the foam were also improved significantly.