A 3D macroporous conductive polymer foam of thin 2D polypyrrole (PPy) nanosheets is developed by adopting a novel intercalation of guest (monomer Py) between the layers of the lamellar host (3D vanadium oxide foam) template-replication strategy. The 3D PPy foam of thin 2D nanosheets exhibits diverse functions including reversible compressibility, shape memory, absorption/adsorption and mechanically deformable supercapacitor characteristics. The as-prepared 3D PPy foam of thin nanosheets is highly light weight with a density of 12 mg·cm⁻³ which can bear the large compressive strain up to 80% whether in wet or dry states; and can absorb organic solutions or extract dye molecules fast and efficiently. In particular, the PPy nanosheet-based foam as a mechanically deformable electrode material for supercapacitors exhibits high specific capacitance of 70 F·g⁻¹ at a fast charge–discharge rate of 50 mA·g⁻¹, superior to that of any other typical pure PPy-based capacitor. We envision that the strategy presented here should be applicable to fabrication of a wide variety of organic polymer foams and hydrogels of low-dimensional nanostructures and even inorganic foams and hydrogels of low-dimensional nanostructures, and thus allow for exploration of their advanced physical and chemical properties.