To cover the shortages of high-temperature stability and adhesion of common foamed asphalt binders, and solve the defects of the unsatisfactory foamed effect of common crumb rubber-modified asphalt binders, in this paper, foamed TB (Terminal Blend) rubberized asphalt binders were studied. The influence law of foamed TB (Terminal Blend) rubberized asphalt effect was comprehensively evaluated, and its microstructure and characteristics were characterized. The high-temperature performance, temperature sensitivity, and viscosity performance of foamed asphalt were evaluated. The results show that preparing foamed TB (Terminal Blend) rubberized asphalt binders is feasible. Compared with common foamed asphalt binders, the high-temperature performance and viscosity of foamed TB (Terminal Blend) rubberized asphalt binders are significantly improved while the temperature sensitivity is reduced. The microscopic results show that the foaming process of foamed asphalt is only a physical process. In addition, the foaming performance of foamed TB (Terminal Blend) rubberized asphalt binders is influenced by both foaming temperature and water consumption, but water consumption has a more pronounced effect on the overall foaming performance. Additionally, the optimal foaming temperature and water consumption for TB (Terminal Blend) rubberized foamed asphalt binders are determined to be 160 °C and 2.7%, respectively. This condition can provide technical support for mixing high-quality foamed asphalt mixtures.