The risk of marine pollution caused by oil and organic solvent spill accidents has risen due to increased transport activities in coastal areas. Therefore, the development of cost-efficient and effective oil sorbents has become increasingly important. Notably, polyurethane foam (PUF) waste, a byproduct derived from the manufacture of various commercial products such as car seats and couches, cannot be easily degraded in the environment and therefore needs to be recycled. This study sought to evaluate the potential of PUF waste as an oil sorbent, as well as to determine the optimal conditions for its implementation. Here, the oil (diesel, MGO, crude oil, and bunker C) and organic solvent (xylenes and toluene) sorption rates of PUF waste (i.e., couch and car seat manufacture waste) was comprehensively assessed. Our study determined that PUF waste satisfied oil and water sorption standards (> 10 g/g for oil sorption, < 1 g/g for water sorption) for all kinds of oils and organic solvents tested herein, except for bunker C. Moreover, the amount of oil sorbed into PUF was largely governed by its density and sorption time. Compared to existing oil sorbents, PUF waste could be over 90% more cost-efficient due to its reusability. In conclusion, PUF waste could be repurposed as an effective and low-cost oil sorbent for oil or organic solvent spills (except for bunker C).