The reticulated carbon foam have been used for their excellent properties in terms of thermal management which is getting important in industrial field currently. In this study, we measure the mechanical properties of the reticulated carbon foam which is heat-treated at various temperature from the prepared low-density phenol foam. Simultaneously, we observe microstructures with high resolution transmission microscope and measure the residual oxygen content of carbon foams to figure out the relationship between the apparent change of properties such as weight loss and linear shrinkage during heat treatment. In conclusion, the carbon foam heat-treated at $1400^{circ}C$ shows the highest strength, and the mechanical behavior is believed to be strongly related to the creation of nano-size graphite crystals from the amorphous carbon during heat treatment. On the other hand, it is turned out that the weight loss occurred at the temperature under $1400^{circ}C$ comes from the elimination of oxygen in the form of $CO_2$ or CO, but no evidence is found on weight loss mechanism at the temperature above $1400^{circ}C$.