Abstract: The mold pressing process was applied to investigate the formability of closed-cell aluminum foam in solid–liquid–gas coexisting state. Results show that the shape formation of closed-cell aluminum foam in the solid–liquid–gas coexisting state was realized through cell wall deformation and cell movement caused by primary α-Al grains that slid, rotated, deformed, and ripened within cell walls. During formation, characteristic parameters of closed-cell aluminum foam were almost unchanged. Under proper forming conditions, shaped products of closed-cell aluminum foam could be fabricated through mold pressing.