|Polyurethane (PUR) foams reinforced with 2 wt.% hemp shives (HS) fillers were successfully synthesized. Three different types of HS fillers were evaluated—non-treated HS, HS impregnated with sunflower oil (SO) and HS impregnated with tung oil (TO). The impact of each type of HS fillers on cellular morphology, mechanical performances, thermal stability, and flame retardancy was evaluated. It has been shown that the addition of HS fillers improved the mechanical characteristics of PUR foams. Among all modified series, the greatest improvement was observed after the incorporation of non-treated HS filler—when compared with neat foams, the value of compressive strength increased by ~13%. Moreover, the incorporation of impregnated HS fillers resulted in the improvement of thermal stability and flame retardancy of PUR foams. For example, the addition of both types of impregnated HS fillers significantly decreased the value of heat peak release (pHRR), total smoke release (TSR), and limiting oxygen index (LOI). Moreover, the PUR foams containing impregnated fillers were characterized by improved hydrophobicity and limited water uptake. The obtained results confirmed that the modification of PUR foams with non-treated and impregnated HS fillers may be a successful approach in producing polymeric composites with improved properties.