A polyol composition contains a polyaminochlorophenylmethane mixture (A) and a polyol (B), in which the component (A) is uniformly dissolved in the component (A) in a weight ratio of 30/70 to 60/40. The component (A) includes 50 to 70% by weight of a specific binuclear polyaminochlorophenylmethane compound, 20 to 40% by weight of a specific trinuclear polyaminochlorophenylmethane compound and 5 to 10% by weight of a specific tetranuclear or higher polyaminochlorophenylmethane compound. The polyol composition exhibits excellent miscibility and dissolution stability, is liquid and enables molding of a foamed article for abrasive in a simple two-component mixing casting machine. According to the present invention, water serving as a foaming agent can be added to the polyol composition containing MBOCA, and the composition for a two-component curable abrasive foam can be held to a temperature equal to or lower than the boiling point of water, thus avoiding water from evaporating upon molding. The resulting abrasive foam has a uniform density distribution and exhibits excellent mechanical properties. A method for satisfactorily producing such an abrasive foam is also provided.