Three methods of cellulose-derived polyol synthesis were elaborated. The suitable substrates were (hydroxypropyl)cellulose or cellulose, which were hydroxyalkylated in reactions with glycidol and ethylene carbonate in triethylene glycol or in water. The products were characterized by IR, 1H NMR, and MALDI ToF spectroscopies. For all polyols, IR spectra showed strong bands at 1060 cm−1 from the ether group formed upon the ring opening of GL and EC. The polyol obtained from (hydroxypropyl)cellulose in the triethylene glycol solvent was accompanied by oligomeric products of glycol hydroxyalkylation and oligomeric glycidol. The polyol obtained by the hydroxyalkylation of cellulose with glycidol and ethylene carbonate in the water contained units of hydroxyalkylated cellulose and products of hydroxyalkylation of water. The physical properties of the obtained polyols, like density, viscosity, and surface tension, were determined. The polyols were then used to obtain rigid polyurethane foams. The foams have apparent density, water uptake, and polymerization shrinkage similar to classic rigid PUFs. The foams showed advantageous thermal resistance in comparison with classic ones. After thermal exposure, their compressive strength improved. The biodegradation of the obtained materials was tested by a respirometric method in standard soil conditions by the measurement of biological oxygen demand and also using the cellulases or the enzymes responsible for cellulose degradation. It has been found that polyols are totally biodegradable within one month of exposure, while the foams obtained thereof are at least 50% biodegraded in the same conditions. The enzymatic biodegradation of the PUFs by the action of microbial cellulase was confirmed.