The principal purpose of the investigation was to clarify the mechanisms behind the stabilizing action of cellulose nanofibrils (CNFs) in wet-stable cellulose foams. Following the basic theories for particle-stabilized foams, the investigation was focused on how the surface energy of the stabilizing CNF particles, their aspect ratio and charge density, and the concentration of CNF particles at the air–water interface affect the foam stability and the mechanical properties of a particle-stabilized air–liquid interface. The foam stability was evaluated from how the foam height changed over time, and the mechanical properties of the interface were evaluated as the complex viscoelastic modulus of the interface using the pendant drop method. The most important results and conclusions are that CNFs can be used as stabilizing particles for aqueous foams already at a concentration as low as 5 g/L. The major reasons for this were the small dimensions of the CNF and their high aspect ratio, which is important for gel-formation and the complex viscoelastic modulus of the particle-filled air–water interface. The influence of the aspect ratio was also demonstrated by a much higher foam stability of foams stabilized with CNFs than of foams stabilized by cellulose nanocrystals (CNC) with the same chemical composition. The charge density of the CNFs affects the level of liberation within larger aggregates and hence also the number of contact points at the interface and the gel formation and complex viscoelastic modulus of the air–water interface. The charges also result in a disjoining pressure related to the long-range repulsive electrostatic pressure between particle-stabilized bubbles and hence contribute to foam stability.