Currently, most commercial polyols used in the production of polyurethane (PU) foam are derived from petrochemicals. To address concerns relating to environmental pollution, a sustainable resource, namely, castor oil (CO), was used in this study. To improve the production efficiency, sustainability, and compressive strength of PU foam, which is widely used as an impact-absorbing material for protective equipment, PU foam was synthesized with CO-based multifunctional polyols. CO-based polyols with high functionalities were synthesized via a facile thiol-ene click reaction method and their chemical structures were analyzed. Subsequently, a series of polyol blends of castor oil and two kinds of castor oil-based polyols with different hydroxyl values was prepared and the viscosity of the blends was analyzed. Polyurethane foams were fabricated from the polyol blends via a free-rising method. The effects of the composition of the polyol blends on the structural, morphological, mechanical, and thermal properties of the polyurethane foams were investigated. The results demonstrated that the fabrication of polyurethane foams from multifunctional polyol blends is an effective way to improve their compressive properties. We expect these findings to widen the range of applications of bio-based polyurethane foams.