The porosity of titanium foams obtained from the space holder technique was theoretically analyzed in the cases of volume shrinking, retaining and expanding during sintering. The relationship between porosity and spacer content was compared under different conditions. The kind of volume change of macropores during sintering was discussed. The results indicate that the relationship between porosity and spacer content depends on the decreased volume of macropores and the volume of micropores in cell-walls in the first case, while the porosity will be greater than the spacer content for the other two cases. It proves that the volume change of macropores during sintering decreases based on theory and practice.