Using one-step method, rigid polyurethane foams were made, modified with developed fire retardant systems containing halogen-free flame retardants and nanofillers in the form of multi-walled carbon nanotubes or nanoscale titanium dioxide. The materials were subjected to a test using a cone calorimeter and smoke-generating chamber, and selected samples were further analyzed via thermogravimetry and oxygen index. Moreover, the products of thermal degradation of selected samples were identified using gas chromatography with mass spectrometer. Conducted flammability tests confirmed the presence of a synergistic effect between the used nanofillers and halogen-free flame retardants. It has been observed that the carbonized layer, the formation of which favored the presence of nanoadditives, inhibits the combustion process. Furthermore, nanofillers influenced favorably reduction in the amount and the number of occurring products of thermal degradation.