The invention relates to a method for producing polyol by using polyurethane waste. In the scheme adopted by the invention, the method for producing the polyol is characterized by sequentially comprising the following steps of: 1. fully mixing polyurethane waste grains, a polyester polyol alcoholysis agent with molecular weight of 200-2000, and an antioxidant, and then injecting into a reaction kettle; 2. injecting a micro-molecular polyol alcoholysis agent with molecular weight of less than 200 into the reaction kettle, controlling the temperature of the reaction kettle to be between 180 DEGC and 240 DEG C, performing alcoholysis reaction for 30-120 min under the protection of nitrogen; and 3. removing micro-molecular alcohol with molecular weight of less than 200 in vacuum, and reducing temperature and discharging when a hydroxyl value and an acid value reach set values. By adopting the scheme, the invention overcomes the defects of the prior art and provides a preparation method, which is favorable for effectively utilizing resources, reducing or eliminating the source of environment pollution caused by human, and obtaining polyol products with stable quantity.