The invention discloses a method for producing foam insoles. The method includes the process steps: a, respectively feeding synthetic rubber, a polyolefin elastomer, polyethylene, calcium carbonate, a foaming agent, zinc oxide, a foaming aid, BIBP vulcanizing agent, zinc stearate and stearic acid into a mixing mill for mixed milling at the temperature of 125 DEG C to obtain a foaming mixture; b, putting the foaming mixture into a pelletizer for pelletizing; c, putting foaming pellets into a hot-press forming mould, paving cloth in the hot-press forming mould, and closing the hot-press forming mould for hot-press forming to obtain the foam insoles made of composite cloth; d, performing trimming; e, carrying out inspection. The method can effectively produce the foam insoles, is short in technological process, does not require glue, achieves odorlessness and environmental protection and can realize integrated foaming and forming, and the produced foam insoles have the advantages of low compressibility, high resilience, strong slip resistance, strong support and good shock absorption performance.