First introduced in 1954, polyurethane foams rapidly became popular because of light weight, high chemical stability, and outstanding sound and thermal insulation properties. Currently, polyurethane foam is widely applied in industrial and household products. Despite tremendous progress in the development of various formulations of versatile foams, their use is hindered due to high flammability. Fire retardant additives can be introduced into polyurethane foams to enhance their fireproof properties. Nanoscale materials employed as fire-retardant components of polyurethane foams have the potential to overcome this problem. Here, we review the recent (last 5 years) progress that has been made in polyurethane foam modification using nanomaterials to enhance its flame retardance. Different groups of nanomaterials and approaches for incorporating them into foam structures are covered. Special attention is given to the synergetic effects of nanomaterials with other flame-retardant additives.