This article raised the issue of studies on the use of new bio-polyol based on white mustard seed oil and 2,2’-thiodiethanol (3-thiapentane-1,5-diol) for the synthesis of rigid polyurethane/polyisocyanurate (RPU/PIR) foams. For this purpose, new formulations of polyurethane materials were prepared. Formulations contained bio-polyol content from 0 to 0.4 chemical equivalents of hydroxyl groups. An industrial flame retardant, tri(2-chloro-1-methylethyl) phosphate (Antiblaze TCMP), was added to half of the formulations. Basic foaming process parameters and functional properties, such as apparent density, compressive strength, brittleness, absorbability and water absorption, aging resistance, thermal conductivity coefficient λ, structure of materials, and flammability were examined. The susceptibility of the foams to biodegradation in soil was also examined. The increase in the bio-polyol content caused a slight increase in processing times. Also, it was noted that the use of bio-polyol had a positive effect on the functional properties of obtained RPU/PIR foams. Foams modified by bio-polyol based on mustard seed oil showed lower apparent density, brittleness, compressive strength, and absorbability and water absorption, as well as thermal conductivity, compared to the reference (unmodified) foams. Furthermore, the obtained materials were more resistant to aging and more susceptible to biodegradation.