Disclosed is a process for preparation of final graft polyols via a continuous process. In, addition, a final graft polyol formed by the process is disclosed. The process includes the steps of reacting a plurality of ethylenically unsaturated monomers and a reaction moderator with a macromer having induced unsaturation in the presence of a carrier polyol, a free radical polymerization initiator, and a first graft polyol. The process provides for the preparation of a final graft polyol having a solids level of from 30 to 70% in a continuous process. The final graft polyol produced by the process has a lower viscosity over a range of solids levels, a reduced amount of very large irregularly shaped particles, a reduced viscosity change in response to a change in reaction temperature compared to a typical graft polyol, a reduced tendency to foul the continuous reactor, and a broader particle size distribution compared to an identical graft polyol prepared by a semi-batch process.