In the current study, biopolyurethane foam was modified with 2.5–10 wt.% lignin waste (LigW) and liquid glass (LG)-modified LigW particles at different LigW/LG ratios—1:1 and 1:2—and their impact on performance characteristics—i.e., rheology, foaming times, apparent density, thermal conductivity before and after aging, dimensional stability at ambient and elevated conditions, compressive and tensile strengths, short-term water absorption by partial immersion, and water vapor permeability—was determined and evaluated. Structural analysis was implemented and structural parameters were taken into consideration as well. During the study, it was determined that 2.5–10 wt.% particles at the LigW/LG ratio of 1:2 showed a superior impact on the physical and mechanical properties of bioPUR foams. The apparent density only insignificantly increased and was in a density range suitable for commercially available polyurethanes. For particles at 10 wt.% and LigW/LG ratio of 1:1, the thermal conductivity value improved by 3.2%, the compressive strength increased by 153%, while the tensile strength improved by 23.5%, indicating sufficient interfacial adhesion between the filler and polymer matrix. Moreover, the short-term water absorption by partial immersion remained almost unchanged, while the water vapour diffusion resistance factor improved from 43 to 48. Additionally, the incorporation of LigW/LG 1:1 and LigW/LG 1:2 particles made it possible to obtain dimensionally and structurally stable closed-cell bioPUR foams for possible application as thermal insulation in building envelopes.