This study explored the performances of waste polyurethane foam (PUF) derived from the shredding of end-of-life refrigerators as an adsorbent for wastewater treatment. The waste PUF underwent a basic pre-treatment (e.g., sieving and washing) prior the adsorption tests. Three target pollutants were considered: methylene blue, phenol, and mercury. Adsorption batch tests were performed putting in contact waste PUF with aqueous solutions of the three pollutants at a solid/liquid ratio equal to 25 g/L. A commercial activated carbon (AC) was considered for comparison. The contact time necessary to reach the adsorption equilibrium was in the range of 60–140 min for waste PUF, while AC needed about 30 min. The results of the adsorption tests showed a better fit of the Freundlich isotherm model (R2 = 0.93 for all pollutants) compared to the Langmuir model. The adsorption capacity of waste PUF was limited for methylene blue and mercury (Kf = 0.02), and much lower for phenol (Kf = 0.001). The removal efficiency achieved by waste PUF was lower (phenol 12% and methylene blue and mercury 37–38%) compared to AC (64–99%). The preliminary results obtained in this study can support the application of additional pre-treatments aimed to overcome the adsorption limits of the waste PUF, and it could be applied for “rough-cut” wastewater treatment.