Polyurethanes are a very important group of polymers with an extensive range of applications in different branches of industry. In the form of foams, they are mainly used in bedding, furniture, building, construction, and automotive sectors. Due to human safety reasons, these applications require an appropriate level of flame retardance, often required by various law regulations. Nevertheless, without the proper modifications, polyurethane foams are easily ignitable, highly flammable, and generate an enormous amount of smoke during combustion. Therefore, proper modifications or additives should be introduced to reduce their flammability. Except for the most popular phosphorus-, halogen-, or nitrogen-containing flame retardants, promising results were noted for the application of clays. Due to their small particle size and flake-like shape, they induce a “labyrinth effect” inside the foam, resulting in the delay of decomposition onset, reduction of smoke generation, and inhibition of heat, gas, and mass transfer. Moreover, clays can be easily modified with different organic compounds or used along with conventional flame retardants. Such an approach may often result in the synergy effect, which provides the exceptional reduction of foams’ flammability. This paper summarizes the literature reports related to the applications of clays in the reduction of polyurethane foams’ flammability, either by their incorporation as a nanofiller or by preparation of coatings.