We prepared polyurethane foam/cloisite30B/phosphates composites and characterized their rise time, density, cell morphology, and thermal properties. The composites were synthesized with polyadipatediol-cloisite30B composite (f=2.0), polyether-polyol (f=4.6), polymeric 4,4-diphenyl methane diisocyanate (f=2.5), and D-580 (phenyl polyoxyalkenyl phosphate). As a blowing agent, cyclopentane and distilled water were used at various concentrations of D-580 from 0 to 2.81 wt%. The rise times of PUF/Closite30B/Phosphate composites blown with distilled water were faster than those blown with cyclopentane by 30%. The composites blown with cyclopentane had spherical-shape cells and the cell diameter was decreased with increasing D-580 wt%. While $T_g$ of the composites blown with cyclopentane linearly decreased with increasing the D-580 content, the $T_g$ of the composites blown with distilled water increased with the D-580 content. All PUF/Closite30B/Phosphate composites began to decompose from $250^{circ}C$. The composites blown with cyclopentane showed the second thermal decomposition at temperatures higher than $500^{circ}C$. The thermal stability of all composites increased with the D-580 content. The effect of D-580 on the thermal stability of the composites was measured higher at the composites blown with distilled water.