AbstractThis study explores the utilization of bio‐polyol, derived from castor oil modified with waste tire rubber (WTR), in the synthesis of rigid polyurethane–polyisocyanurate foams. Two WTR concentrations (10% and 20%) were incorporated, investigating their impact on foaming, cellular structure, and various foam properties. Response surface methodology assessed the influence of polyol/isocyanate ratios and WTR content on thermal, physical, and mechanical responses. Results indicated significant effects of polyol/isocyanate ratios on thermal and density properties, while WTR content exhibited an opposite trend. Mechanical behavior showed a distinct pattern compared to thermal and physical aspects, suggesting no conclusive correlation between compressive stress variability and polyol/isocyanate ratio or WTR content. Consequently, the application of these foams depends on specific property requirements, highlighting the potential of sustainable bio‐polyols and recycled WTR in replacing conventional petroleum‐based counterparts in polyurethane foam production.Highlights Development of rigid polyurethane–polyisocyanurate foams based on castor oil. Polyurethane–polyisocyanurate foams modified with waste tire rubber. Increased isocyanate index impacts thermal stability and density. Response surface methodology showed variability in compressive stress behavior and the polyol/isocyanate ratio. For application of polyurethane–polyisocyanurate foams will depend on the desired properties.