A model is developed in this work for predicting the bubble size distribution in polyurethane foams generated by using water as a chemical blowing agent. The model combines equations of energy balance, kinetics of the reactions of isocyanate with water and polyol, and nucleation and growth of CO2 bubbles. It is found that as the water content of the reaction mixture is increased, the mean bubble size decreases and the bubble size distribution become narrower. Exactly the opposite occurs in polyurethanes foamed with a physical blowing agent, e.g., DuPont keens. This suggests that a combination of physical and chemical blowing agents can be employed to control bubble size distribution.