Castor oil was initially subjected to an interesterification reaction with linseed and tung oils and the resulting intermediate was used for the preparation of polyurethanes and their IPNs with poly(methyl methacrylate). They were characterized for their physico-mechanical, swelling, and thermal properties. The morphologies of IPNs were studied with the aid of scanning electron microscopy and differential scanning calorimetry. On comparing the mechanical properties of castor oil polyurethane (CU) and their IPNs (C-IPNs) with those of the castor oil modified with linseed and tung oil (L-IPN and T-IPN, respectively) it was found that L-IPNs showed higher tensile strength, hardness, and better compatibility than C-IPNs. All IPNs showed synergistic effect in elongation and exhibited similar thermal behavior with no significant change with respect to their composition. However, the castor oil polyurethane and their IPNs showed relatively higher elongation and better resistance to solvents.