One of the perspective types of hydrocarbon fuels on the water base is the foamed emulsion. Foamed emulsion represents a multiphase system consisting of the gaseous bubbles filled with an oxidizer and dispersed in the oil-in-water emulsion. This paper considers for the first time the peculiarities of combustion of the foamed emulsion prepared via bubbling of gaseous oxidizer (air or the oxygen-nitrogen mixture) through the emulsion. In the process of emulsion preparation hexane, heptane, dichloroethane and petroleum ether were used as oil. The experimental data for the flame speed in the foam are obtained for various compounds of the gaseous phase, types of hydrocarbons, concentrations of oil, foam expansion ratios and tube diameters. It is established that the flame speed in the foam can be changed by several orders of magnitude due to the variation of gaseous phase content. Herewith, the foam expansion ratio causes the ambiguous effect on the flame speed.