Lignosulfonate and lignosulfonate hydrolyzed under alkaline conditions were used as the polyol components in polyurethane foam formulations. Although the treatment increased hydroxyl group abundance, it did not improve the applicability of hydrolyzed lignosulfonate in polyurethane foam. Thus, the use of original lignosulfonate yielded foams of thermal stability and mechanical properties comparable to other types of bio-based foams (Young’s moduli 0.95 to 4.42 MPa, 50% weight loss, and temperature ca. 500 °C). Lignosulfonates can be a renewable polyol component for the formulation of rigid, semi-rigid, and flexible foams.