New eco-friendly composites consisting of castor oil-based polyurethane (PU) resin, wood sawdust, and rubber tire powder were produced, and the morphological, physical, and flexural properties were investigated. The composites were composed of varying the concentration of the PU matrix (30, 40, and 50 m%) and the wood-to-rubber ratio of the disperse phase (100/0, 90/10, 80/20, 70/30, 60/40, and 50/50 m%/m% wood/rubber, respectively). The morphology of the composites was studied by optical microscopy and scanning electron microscopy, and the flexural properties, water absorption (WA), and thickness swelling (TS) were also investigated. The analysis of variance was used to study the effect of each factor (PU content and wood/rubber ratio) on the characteristics of the composites. PU/wood/rubber composites were successfully molded and their characteristics are promising for commercial use. According to the results, the composites presenting higher wood content (high wood/rubber ratio) showed higher modulus of rupture and modulus of elasticity values, although the addition and the increase of rubber content decreased these properties. Moreover, increasing PU or reducing the wood/rubber ratio significantly reduced the WA and TS, improving dimensional stability.