Oleic acid is a typical unsaturated fatty acid that is found widely in vegetable oils. The objective of this investigation was to produce a new type of oleic‐based polyol from oleic acid. Possible advantages of this approach include the production of high‐performance polyurethane materials from renewable resources and value‐added research for oleic acid. Oleic‐based polyols were synthesized by a three‐step process consisting of epoxidation and ring‐opening reaction, followed by esterification. The synthesized polyols appeared as a viscous liquid at room temperature with hydroxyl numbers from 307 to 425 mg KOH/g. Preparation of polyurethane foams using oleic‐based polyols and isocyanate was studied. An environmentally friendly blowing agent, HCFC‐141b, together with a small amount of water, was used. The synthesized foams were characterized by FTIR, SEM, and TG/DSC. © 2012 Wiley Periodicals, Inc. J Appl Polym Sci, 2012