The urethane polymers of castor oil (COPU) are used in many commercial applications but one of the major limitations of these polymers is their inherent flammability and poor mechanical properties. Polymers containing phosphorous groups belong to the fire retardants, and when blended with castor oil based polyurethane improves the latter’s fire retardant properties. Present work, deals with the synthesis of a monomer bis (m-hydroxy phenyl) phenyl phosphate (BHPPP) and its related polyurethanes. Characterization of the monomer and polyurethanes are discussed. Blending of the polyurethanes with COPU in different proportions improves both the flame retardant and mechanical properties of the COPU.