Rigid polyurethane foams (RPUFs) were fabricated from crude MDI (CMDI) and polypropylene glycols (PPGs) of various isocyanate indices with a physical blowing agent (HFC 365mfc). There was a tendency for the gel time to decrease and the tack-free time to increase with increasing index value. With increasing index value the foam density and compression strength decreased and the glass transition temperature, dimension stability and thermal insulation increased, while the cell size and closed cell content were virtually unchanged. Allophanate crosslinks and condensation reactions between the isocyanate groups, which are favored with a high index value, exerted significant effects on the properties of RPUFs.