Carbon fiber–reinforced foams (CFRFs) are expanded thermoplastic composite materials reinforced with three‐dimensional discontinuous carbon fibers. Herein, the effects of their unique internal structure on fatigue properties were investigated. Through tension‐tension fatigue tests and the digital image correlation (DIC) method, distinct stiffness reduction behavior was observed across the entire specimen and at the fracture points. The results suggest that local stiffness reduction behavior affects the fatigue properties. From the DIC method, damage was observed by scanning electron microscopy and the fiber tortuosity, and the void fraction were quantified using X‐ray computed tomography scans. In the case of three‐dimensional oriented fibers, stress was concentrated at fiber ends, fiber intersections, and bent fibers, resulting in fiber pull‐outs and matrix cracks. In the case of voids, the void size affected damage development, and the stress concentration around the voids caused fiber fracture and matrix cracks.