This work proposes an efficient catalytic recovery and utilization method for waste polyurethane foam. This method uses ethylene glycol (EG) and propylene glycol (PPG) as two-component alcohololytic agents for the alcoholysis of waste polyurethane foams. For the preparation of recycled polyethers, the conditions of different catalytic degradation systems were catalyzed by duplex metal catalysts (DMC) and alkali metal catalysts, and a synergy with both was also used. The experimental method was adopted with the blank control group and was set up for comparative analysis. The effect of the catalysts on the recycling of waste polyurethane foam was investigated. The catalytic degradation of DMC and the alkali metal catalysts alone, as well as the synergistic effect of the two catalysts, was explored. The findings revealed that the NaOH and DMC synergistic catalytic system was the best, and that the system activity was high under a two-component catalyst synergistic degradation. When the amount of NaOH added in the degradation system was 0.25%, the amount of DMC added was 0.04%, the reaction time was 2.5 h, and the reaction temperature was 160 °C, the waste polyurethane foam was completely alcoholized, and the prepared regenerated polyurethane foam had high compressive strength and good thermal stability. The efficient catalytic recycling method of waste polyurethane foam proposed in this paper has certain guiding and reference values for the practical production of solid-waste-recycled polyurethane.