In this study, chemical modification of organosolv lignin was carried out to synthesize lignin-based polyols and then prepared poly‐ urethane foam. The structure of organosolv lignin was characterized. The prepared lignin-based polyols were tested for viscosity, acid value, hydroxyl value. The thermal conductivity, compressive strength, and apparent density of the synthesized bio-based foam were tested. The results showed that the hydroxyl value of lignin-based polyol was 920 mg KOH/g, and acid value was 4. 76 mg KOH/g. Viscosity of lignin polyols decreased with temperature. Viscosity reduced from 15 832 mPa·s at 25 ℃ to 3 057 mPa·s at 80℃ . The amount of isocyanate, foaming agent, and surfactant all affected compressive strength of polyurethane foam. Finally, the lignin-based polyurethane foam showed compressive strength of 370 kPa, density of 77 kg/m³, and thermal conductivity of 0. 037 1 W/ (m·K) under the optimal ratio. The foaming time was shortened from 320 s to 35 s by adjusting the acid value or catalyst dosage.