The ability to control weight shifting (voluntary sway) is a crucial factor for stability during standing. Postural tracking of an oscillating visual target when standing on a compliant surface (e.g. foam) is a challenging weight shifting task that may alter the stability of the system and the muscle activation patterns needed to compensate for the perturbed state. The purpose of this study was to examine the effects of surface stability and sway frequency on the muscle activation of the lower limb, during visually guided voluntary postural sway. Seventeen volunteers performed a 2-min voluntary sway task in the anterior-posterior direction following with their projected center of pressure (CoPAP) a periodically oscillating visual target on a screen. The target oscillated at a frequency of 0.25 Hz or 0.125 Hz, while the participants swayed on solid ground (stable surface) or on a foam pad (unstable surface), resulting in four experimental conditions. The electromyogram (EMG) of 13 lower limb muscles was measured and the target-CoPAP coupling was evaluated with coherence analysis, whereas the difference in the stability of the system between the conditions was estimated by the maximum Lyapunov exponent (MLE). The results showed that slower oscillations outperformed the faster in terms of coherence and revealed greater stability. On the other hand, unstable ground resulted in an undershooting of the CoPAP to the target and greater MLE. Regarding the EMG data, a decreased triceps surae muscle activation at the low sway frequency compared to the higher was observed, whereas swaying on foam induced higher activation on the tibialis anterior as well. It is concluded that swaying voluntarily on an unstable surface results in reduced CoPAP and joint kinematics stability, that is accomplished by increasing the activation of the distal leg muscles, in order to compensate for this perturbation. The reduction of the sway frequency limits the effect of the unstable surface, on the head and upper body, improves the temporal component of coherence between CoP and target, whereas EMG activity is decreased. These findings might have implications in rehabilitation programs.