Concentrated natural latex was used to produce a rubber foam that is porous, elastic and well ventilated. The mechanical properties can be either soft or firm, depending on the formulation of the latex used. Briefly, concentrated natural latex was mixed with chemical agents to make the rubber foam on a laboratory scale using the Dunlop process. In this work, we changed the concentration of the chemical blowing agent in the latex. The morphological properties of the rubber foam were characterised using scanning electron microscopy, and the mechanical properties, or elasticity, were studied using compression experiments and the Mooney–Rivlin calculation. The results show that the concentration of the chemical blowing agent affects the morphological properties of the rubber foam but not the mechanical properties, indicating the heterogeneous structure of the rubber foam. The thermodynamic parameters (∆G and ∆S) and the internal energy force per compression force (Fu/F) of the rubber foam with various amounts of chemical blowing agent were also investigated. This study could be applied in the foam industry, particularly for pillow, mattress and insulation materials, as the present work shows the possible novel control of the morphological structure of the rubber foam without changing its mechanical properties. The difference in cell sizes could affect the airflow in rubber foam.