Thermally conductive foams are being developed for many engineering applications; and there is a need to develop analytical models to predict the thermal properties of such porous media. Most of the current models are based on volume averaging techniques, and often assume simple, ideal shapes for the pore geometry. The method described in this chapter focuses on modeling the thermal and flow properties of foams on the basis of its true microstructure. The approach is to take a three dimensional solid model of a real foam, obtained by imaging techniques, and use it as the basis for the numerical solution of the transport phenomena. This is a micro-model, in which the thermal phenomena are modeled at the pore level of the foam. The model is computationally intensive, as can be expected; but it does not require semi-empirical or experimentally derived constants such as permeability to derive a solution. By incorporating the effect of the true pore geometry on the thermal transport and fluid flow in the foam, this model is able to determine the thermal conductivity, permeability, friction factor and heat transfer coefficients. Graphitic carbon and silicon carbide foams are used in this study, but the approach that is described is quite general and can be applied to other porous media; it may also be applied to composites that contain phases with distinct boundaries at the micro-level.