The impact of replacing polyether polyol with different levels of a palm‐olein‐based natural oil polyol (NOP) was systematically correlated with the changes in the foaming reactivities, cell structures, physicomechanical properties, and morphologies of highly resilient (HR) polyurethane foams. Replacing the polyether polyol with the NOP did not require us to significantly modify the formulation to obtain stabile foams with uniform and open cell structures. The incorporation of the NOP increased the tear strength and load‐bearing capacity of the HR polyurethane foams; this was attributed to the high functionality and lower equivalent weight of the NOP. The addition of the NOP increased the energy‐absorbing properties of the molded HR foams; this correlated with the increased phase mixing of hard and soft segments, as determined via dynamic mechanical analysis and Fourier transform infrared analyses. The HR‐molded foams’ hysteresis and compression sets, which are inversely correlated with the durability of HR‐molded foams in automotive seating applications, were found to increase with the addition of the NOP. However, it was demonstrated that the changes in the hysteresis and compression set could be partially offset by the reduction of the isocyanate index, which could allow for the increased incorporation of the NOPs in the HR foams without a notable loss of key performance characteristics. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2017, 134, 45440.