Worn car tires are disruptive waste, and the issue of their management is crucial for the natural environment. In many countries, the primary method of end-of-life tire utilization is energy recovery. However, more effective and beneficial for the environment is material recycling. Using them for the production of polymer–rubber composites seems to be an auspicious direction of research. Incorporation of ground tire rubber into a polyurethane matrix should be considered as a method of waste rubber utilization. Moreover, it could significantly reduce the use of petroleum-based polyols and isocyanates, which are commonly considered toxic chemicals. Therefore, the total impact on the environment could be noticeably reduced, which should be considered a very beneficial step towards more “green” polymer composites. This work aims to summarize the literature reports related to foamed polyurethane/ground tire rubber composites. It particularly emphasizes the need for compatibilization of these materials by the enhancement of interfacial interactions between the polyurethane matrix and rubber filler phase, which significantly affects the performance properties of prepared materials. As an example, we present our research results. In addition, future trends and limitations related to this type of composite material are underlined.