Water-blown rigid polyurethane foam (PUF) with two different particle sizes (180 and 300 pm) of expandable graphite (EG) as a flame-retardant additive were prepared, and the effects on the mechanical, morphological, water absorption, thermal conductivity, thermal, and flame-retardant properties were studied. In this investigation, EG content was varied from 5 to 50 php by weight. The mechanical properties of PUF decreased with increasing EG loading in both cases. The water absorption of the PUF increased with an increase in the EG loading mainly because of the collapse of foam cells, as evidenced from the scanning electron microscopy pictures. The thermal conductivity of the EG-filled PUF showed that the insulation properties decreased with EG loading. The flame-retardant properties (limiting oxygen index and char yield measurement) of the PUF improved with increasing EG loading. PUF filled with the higher particle size EG showed better mechanical properties and fire-retardant properties than the PUF filled with the lower particle size EG. (C) 2008 Wiley Periodicals, Inc. J Appl Polym Sci 110: 25862594, 2008