PURPOSE: A foam composition using waste plastic selected from polyolefin resins and a foam prepared by using the composition are provided, to reduce the manufacturing cost and to prevent the environmental pollution by recycling waste plastic. CONSTITUTION: The foam composition comprises 100 parts by weight of at least one waste plastic component selected from the group consisting of waste polyethylene and waste ethylene-vinyl copolymer; 0-40 parts by weight of waste tire rubber powder; 0.1-5 parts by weight of a cross-linking agent; and 5-40 parts by weight of a foaming agent. Optionally the foam composition comprises further 0-10 parts by weight of an external releasing agent; and/or 0-10 parts by weight of a heat transfer accelerator. The foam is prepared by mixing the composition at 110-120 deg.C; and extruding, compressing or injecting the mixture.
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