Depolymerized polyethylene terephthalate and liquefied wood polyesters can be used as a polyol for the production of polyurethane/polyisocyanurate foams. In this research, liquefied wood was synthesized by using a combination of diethylene glycol and glycerol and due to the possibility of using glycerol that is a by‐product in biodiesel production, our goal was to use as much glycerol in the liquefaction reagent as possible. We determined the properties of the polyols, properties of produced foams, and explained their correlation. Greater amount of glycerol in the liquefaction reagent resulted in higher OH number, molecular weight, functionality, and viscosity of the polyol, as well as in longer cream time and tack free time in foam preparation. Glass transition temperature, density, and water absorption of the foam increased with increasing amount of glycerol in liquefied wood. Compressive stress increased up to 30% of the glycerol in the reagent and then reduced, while thermal conductivity was not affected. © 2014 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2015, 132, 41522.