In this study we investigated the potential of two non-edible oil extracts from seeds of Colliguaya Integerrima (CIO) and Colliguaja Salicifolia (CSO) to use as a renewable source for polyols and eventually polyurethane foams or biodiesel. For this purpose, two novel polyols from the aforementioned oils were obtained in a one-single step reaction using a mixture of hydrogen peroxide and acetic acid. The polyol derivatives obtained from the two studied oils were characterized by spectral (FT-IR, 1H NMR and 13C NMR), physico-chemical (e.g. chromatographic analysis, acid value, oxidizability values, iodine value, peroxide value, saponification number, kinematic viscosity, theorical molecular weights, density, hydroxyl number and hydroxyl functionality) and thermal (TGA) analyses according to standard methods. Physico-chemical results revealed that all parameters, with the exception of the iodine value, were higher for bio-polyols (CSP and CIP polyols) compared to the starting oils. The NMR, TGA and FT-IR analyses demonstrated the formation of polyols. Finally, the OH functionality values for CIP and CSP polyols were 4.50 and 5.00, respectively. This result indicated the possible used of CIP and CSP polyols as a raw material for the preparation of polyurethane rigid foams.