Bio-based polyols can replace petroleum-based polyols for producing a wide range of polyurethane (PU) products. Bio-based polyols are derived from renewable resources, however, their utilization is limited due to the complex molecular structure and relatively low primary hydroxyl content. This study aims to substitute the petroleum-based polyols with soy-based polyols for the fabrication of rigid PU foams with comparable or better physical properties required for thermal and structural applications. The effects of blending soy-based polyol, of hydroxyl number 230 mg KOH/g with high functionality soy-based cross-linker were investigated. The fabricated samples were tested for density, compressive strength, tensile strength, thermal resistivity, thermal stability and dimensional stability. The blended foam samples exhibited better thermal resistivity (8% higher), compressive properties (about 512% higher) and tensile strength (287% higher) when compared to control specimens. It was concluded that the polyols blended with soy-based cross-linker in 95:5 ratio by weight resulted in properties better than control samples, and comparable to commercial petroleum-based foams.