In this work, ceramic fillers zirconia and alumina powder were incorporated in the rigid polyurethane foams derived from modified castor oil and their impact on the mechanical, thermal, and fire performances of composite foams have been analyzed. It was observed that the addition of ceramic filler showed improved mechanical and thermal properties and best properties were shown by 6% zirconia with compressive strength of 6.61 MPa and flexural strength of 5.72 MPa. Zirconia also demonstrated an increase in T5% up to 260 °C. Cone calorimetry shows a decrease in peak of heat release from 118 to 84 kW m−2 and 94 kW m−2 by the incorporation of alumina and zirconia powder, respectively. Furthermore, total heat release (THR), smoke production rate (SPR), and total smoke release (TSR) were also found to decrease remarkably on the incorporation of ceramic fillers. So, these fillers have a great potential as an additive to incorporate good mechanical, thermal, and fire properties in bio‐based rigid PU foams. © 2019 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2019, 136, 48250.