Polyurethane (PU) grouting material has been widely utilized to control water inrush in mining fields. However, the application has been limited by its high cost and poor flame retardancy. Here, we use the fly ash (FA), a waste from coal of the iron-making industry and power plants, as a partial replacement of conventional filler in PU grouting materials to reduce the production cost and the environmental pollution of FA. The surface-modified FA-filled PU (PU/FA) composites were prepared by room-temperature curing. The effects of FA contents (φ) on the structure, foaming behavior, thermal stability, mechanical properties, hydrophobic properties, and flammability of PU grouting materials were examined. Results showed that the higher the φ, the more porous the PU/FA composites are, resulting in a lower density and lower mechanical properties. The relationship between the compression modulus E and the density ρ of the PU/FA composites was E ∝ ρ1.3. In addition, the surface-modified FA improved the compatibility between the hard and soft segment of PU in the PU/FA composite, giving the composites enhanced thermal stability, high hydrophobicity, and flammability resistance.