This study provides valuable data on the specific toxic products that could be released from the commercially used, flexible polyurethane foams (FPUFs) during a fire. The steady-state tube furnace (Purser furnace) was used to generate combustion and thermal degradation products under different fire conditions. The concentrations of asphyxiates and irritant gases were determined using a Fourier transform infrared spectroscopy gas analyser. The volatile and semi-volatile organic compounds released in the fire effluents were collected using the solid-phase microextraction technique and identified by gas chromatography with a mass selective detector. In addition, the thermal stability of the FPUFs was evaluated by simultaneous thermal analysis. The cone calorimetry test was used to determine the flame retardancy of the selected materials. The obtained results show that the emission of carbon monoxide and hydrogen cyanide during the thermal degradation and combustion of the tested foams exceeded the permissible values and pose a serious threat to human life and health. Moreover, substituted benzenes, aldehydes, and polycyclic hydrocarbons were found in the released gases during all of the test conditions.