Bio-based polyurethane foam, a new green environmental material, has attracted more and more attention of people. In this study, the tung oleic acid-based polyurethane (TOPUF) had been prepared using one-step method. Characterization of the polyurethane foams were carried out by SEM and Fourier transform infrared. The cell morphology, acoustic, and mechanical performance of TOPUF with different contents of tung oleic acid-based polyols (TOAP) were studied and compared with that of a pure petroleum-based polyurethane foam. In addition, the effects of thickness ratio of layers on the acoustic performance of the double-layer composite polyurethane foam (DPUF) were also studied by means of theoretical model and experiment. The results illustrate that TOPUF shows a high absorption performance in the frequency range from 100 to 500 Hz and sound insulation performance in the range from 100 to 6300 Hz. The average sound absorption coefficient of TOPUF is 0.505, and the average transmission loss is 18.818 dB in this case. Furthermore, the average sound absorption coefficient and average transmission loss of DPUFs are 0.545 and 14.528 dB using multilayer structure. Overall, TOPUF has excellent acoustic properties and prodigious application prospects.