The invention provides a foaming synthetic leather manufacturing technology based on waterborne polyurethane (WPU). In the manufacturing technology, the WPU is taken as a main raw material, and a hollow microsphere foaming agent is taken as a foaming material; and the technology can be widely used for manufacturing synthetic leathers such as clothing leathers, luggage leathers, shoe upper leathers, sofa leathers, home interior trim leathers and the like. The content of volatile organic compounds (VOC) in the finished leather is lower than 2mg/kg (leather), and the air permeability and moisture penetrability are good, thus meeting the EU (European Union) requirements for the ecological synthetic leather; and in addition, the foaming synthetic leather has the advantages of moderate foaming multiplying power, uniform and compact foaming holes, bulky and firm hand feel as well as good comprehensive performance which is equivalent to or superior to that of a solvent-borne product. The foaming synthetic leather manufacturing technology based on the WPU provided by the invention has the beneficial effects that by adopting the WPU instead of the traditional solvent-borne PU, organic pollution is eliminated from a source, organic solvent resources are saved, the comprehensive energy consumption is lowered, the employment environment of laborers is improved, and the ecological grade of the synthetic leather and the international market competitiveness of the product are enhanced, thus achieving obvious innovativeness and remarkable social and economic benefits.