Glycolysis reaction kinetics of methylene diphenyl diisocyanate-based water-blown polyurethane foams was examined by gel permeation chromatography. Glycolysates were reacted with butyl glycidyl ether to convert toxic aromatic amines to polyols, and their products were identified by H-1-NMR spectroscopy. To examine the quality of recycled polyol, polyurethane foams were reprepared using the virgin and recycled polyol mixtures with varying compositions. Cell structures and sizes of reprepared foams were similar to those of original ones when the recycled polyols were mixed up to 30 wt %. Density, thermal conductivity, and flexural strength of the reprepared foams were compared with those of the original ones, and no difference was observed below the recycled polyol concentration of 30 wt %.