In this research, polyols from rapeseed oil and recycled poly(ethylene terephthalate) were synthesized by two-step continuous synthesis with a different rapeseed oil and poly(ethylene terephthalate) concentration. All rapeseed oil/poly(ethylene terephthalate) polyols showed complete compatibility with blowing agent Solkane 365/227. The resulting polyols were used to prepare rigid polyurethane foams which were characterized with various techniques for determination of their physical, mechanical and thermal insulation properties. The effect of rapeseed oil and poly(ethylene terephthalate) concentrations in polyols on the characteristics of rigid polyurethane foams was investigated. The results showed that obtained rigid polyurethane foams were suitable for thermal insulation appliance. Also, the potential use of rapeseed oil as raw material combined with poly(ethylene terephthalate) to synthesize polyols with good compatibility with blowing agent was confirmed.