The present invention is to provide a high multiple foam manufacturing method, which uses a thermoplastic elastomer as a substrate, adds a foaming agent and a cross-linker having different functions, and uses traditional devices for a kneading and a laminating processes to produce laminates of an appropriate size. The laminates are stacked with each other and then sent into the first section of a hot compression mold for the first-time compression molding and foaming. The pre-foaming cast so obtained is sent into a second section of the hot compression mold for a second-time compression mold foaming or a normal pressure foaming to produce the high multiple foam having the advantages of general plastic and rubber foams at the same time.