In this work lignocellulose biomass liquefaction was used to produce biopolyols suitable for the manufacturing of rigid polyurethane foams. In order to better evaluate the mechanism of the process, pure cellulose was applied as a raw material. The effect of time and temperature on the effectiveness of liquefaction and the parameters of resulting biopolyols were characterized. The prepared materials were analyzed in terms of their chemical structure, rheology, thermal and oxidative stability, and basic physical and mechanical properties that are important from the point of view of polyurethane manufacturing. The optimal parameters for the biopolyol production with a 94 % yield were achieved at 150°C for a 6-h reaction duration. The obtained polyols were characterized by the hydroxyl number of 643 mg KOH/g and enhanced thermal and oxidative stability compared to the polyols obtained at lower temperatures, which is associated with the altered mechanism of liquefaction. The results of rheological tests, analyzed with the use of Ostwald-de Waele and Herschel Bulkley models, revealed that the prepared biopolyols can be classified as pseudoplastic fluids with the viscosity values similar to those of commercially available products. Rigid foams obtained via partial substitution of petrochemical polyol with prepared biobased one were characterized by slightly increased apparent density and average cell size comparing to unmodified materials. The best mechanical performance was observed for the sample containing 35 wt% of biopolyol in the polyol mixture, which indicates a synergistic effect between the applied polyols. The applied modification delayed thermal degradation of foams due to changes in thermal decomposition process. In conclusion, the presented work confirms that lignocellulose biomass liquefaction can be successfully applied as a manufacturing method of polyols later used in the production of polyurethanes.