Herein, this work reports the facile synthesis of a dimer diamine‐based autocatalytic polyol (ACP) and its use in polyurethane foam preparation. The ACP, namely TETRAOL is synthesized in one step, without using solvent, and with 100% atom economy. Additionally, a phosphorous‐modified polyol is synthesized by using 9,10‐dihydro‐9‐oxa‐10‐phosphaphenanthrene‐10‐oxide (DOPO) and castor oil. In this study, all of the polyol components of the foams are of vegetable oil origin, and amine or tin‐based auxiliary catalysts are not used. The structures of the synthesized autocatalytic polyol as well as other bio‐polyols are characterized by Fourier‐transform infrared (FTIR) and Nuclear magnetic resonance (NMR) spectroscopies. The densities, rise and gel time values, and thermal and mechanical properties of the foams are determined and compared to foams prepared by using a petroleum‐based commercial ACP. The bio‐based TETRAOL‐containing foams display comparable densities and improve thermal properties but longer rise and gel time values concerning the foam prepared by using the commercial ACP.