The limited availability of fossil resource is causing the urgent need to get renewable chemicals. Solvent liquefaction can convert rice husk into bio‐based chemicals. Rice husk was liquefied in polyhydric alcohol catalyzed by sulfuric acid under atmospheric pressure. The viscosity, residue content, and weight average molecular weight (Mw) of liquefied rice husk were 3089 cps, 23.6% and 4100, respectively. Prolonging the liquefaction time decreased the residue content and increased the average molecular weight. Polyurethane (PU) foams were successfully prepared from the liquefied rice husk with different molar ratios of NCO to OH (NCO/OH). The mechanical properties of PU foams showed that the compressive strength in the vertical direction is higher than that in the horizontal direction. With Increase of the NCO/OH molar ratio from 1.0 to 2.0, compressive strength in the vertical direction of PU foams increased from 70.6 to 114.7 kPa at 10% strain. Thermal analysis results showed that thermal stability of liquefied rice husk‐based PU resins was better than that of fossil‐ and liquefied wood‐ based PU resins. Increasing the NCO/OH molar ratio and inorganic residue of rice husk can help to increase thermal stability. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2018, 135, 45910.