Microcellular injection-molding technology is capable of producing lightweight polymeric products. The foam morphology is determined by the injection-molding parameters, and it has been observed that depending on the parameter variations, the cell structure may exhibit substantial morphological differences through the entire section along the melt flow direction of the injected part. The effects of varying injection-molding parameters on foam morphology and thermal mechanical properties of a multiphase ethylene-propylene block copolymer (EPBC) were tested on 5-mm plaque specimens using a constant temperature profile. It has been found that injection speed does not have a significant effect on the thermal-mechanical properties of the foam, whereas shot volume and mold temperature do have a significant influence. Low shot volume produces uniform density cellular structures and larger cores, whereas lower mold temperatures help maintain small cell sizes. Furthermore, the effect of the copolymer’s crystalline phase on foam morphology has been observed. This study identifies the achievable foam morphologies and the thermal-mechanical performance of cellular molded EPBC parts.