Foam concrete is characterized by lightweight, self-compacting and high flowability, thereby widely used as a subgrade bed filler. High-speed railway subgrades usually experience inhomogeneous deformation due to the occurrence of freezing-thawing cycles in seasonally frozen soil areas. It is essential to study the deformation behavior of foam concrete under the coupling effect of freezing-thawing cycles and dynamic loading. In this paper, dynamic triaxial tests were performed to study the accumulative deformation of the foam concrete under different numbers of freezing-thawing cycles, freezing temperatures, amplitudes and frequencies of dynamic loading. Based on the scanning electron microscopy (SEM) tests, the characteristics of the pore structure were analyzed quantitatively by introducing the directional distribution frequency and fractal dimension. The research results illustrate that the damage caused by freezing-thawing progress to the pore structure results in more significant deformation of the foam concrete subjected to dynamic loading. There exists an accumulative damage effect induced by the coupling action of long-term dynamic loading and freezing-thawing progress on the microstructure and mechanical properties of foam concrete. The development of the fractal dimension agrees with that of the accumulative strain, indicating a close connection between the microstructure and the dynamic behavior of foam concrete. The findings concluded in this study contribute to a sufficient understanding of the performance of foam concrete used as high-speed railway subgrade fillers subjected to seasonal freezing.