Foam is a nonequilibrium dispersion of gas bubbles in a relatively smaller volume of liquid containing surface‐active molecules. Foams that are relatively stable can be thought of as a form of condensed matter both solid‐like in being able to resist shear elastically, and liquid‐like in being able to flow and deform into arbitrary shapes. In this article, the extent to which the macroscopic stability and rheology of liquid‐based foams can be understood in terms of the underlying structure and dynamics of the constituent gas bubbles and liquid films, and their ultimate origin in terms of the physical chemistry of surface‐active molecules preferentially adsorbed at the gas‐ liquid interfaces are reviewed. Existing measurement techniques and survey applications in which custom foams play an important role are also discussed.