Lignin, one of the main components of lignocellulose, can be used as an alternative to chemical polyols in the production of polyurethane because of its abundant phenolic and alcohol hydroxyls. Traditionally, lignin is directly applied in the preparation of polyurethane; however, modified lignin has been proved to be superior, especially that obtained by the oxypropylation reaction. Therefore, lignopolyol obtained by mild and efficient oxypropylation was utilized in the production of rigid polyurethane foam in this study. Specifically, the effects of the content of lignopolyol on the chemical structure, morphological structure, mechanical properties and thermal stability of the lignin-based rigid polyurethane foam were investigated. It was found that the compressive strength of the rigid polyurethane foam was significantly improved with the addition of lignopolyol compared with that of the pure polyurethane foam, which was attributed to the fact that oxypropylation made lignin into highly branched and functionalized polyols by transforming all phenolic hydroxyls into aliphatic hydroxyls. Moreover, when the molal weight of lignopolyol accounted for 40% of the added polyols, the generated foam showed optimal uniformity and regularity, and the compressive strength reached 0.18 MPa, meeting the requirements of industrial application, below which, the amount of undesired reactions is bound to increase. As a consequence, the added amount of lignopolyol was increased as much as possible on the basis of guaranteeing the desired properties, which was more conducive to realizing the green degradation and economic synthesis of rigid polyurethane foam.