Water-blown biopolyurethane (bioPUR) foams are flammable and emit toxic gases during combustion. Herein, a novel approach suggested by the current study is to use different amounts of lignin waste (LigW), which increases the thermal stability and delays the flame spread and sodium silicate (LG), which has foaming ability at high temperatures and acts as a protective layer during a fire. However, there have been no studies carried out to investigate the synergy between these two materials. Therefore, two different ratios, namely 1/1 and 1/2 of LigW/LG, were used to prepare bioPUR foam composites. The obtained bioPUR foam composites with a 1/2 ratio of LigW/LG exhibited inhibition of flame propagation during the ignitability test by 7 s, increased thermal stability at higher temperatures by 40 °C, reduced total smoke production by 17%, reduced carbon monoxide release by 22%, and increased compressive strength by a maximum of 123% and 36% and tensile strength by a maximum of 49% and 30% at 100 °C and 200 °C, respectively, compared to bioPUR foam composites with unmodified LigW. Additionally, thanks to the sufficient compatibility between the polymeric matrix and LigW/LG particles, bioPUR foam composites were characterised by unchanged or even improved physical and mechanical properties, as well as increased glass transition temperature by 16% compared to bioPUR foam composites with unmodified LigW particles, making them suitable for application as a thermal insulating layer in building envelopes.