Bio-based polyols were obtained from the thermochemical liquefaction of two biomass feedstocks, pinewood and Stipa tenacissima, with conversion rates varying between 71.9 and 79.3 wt.%, and comprehensively characterized. They exhibit phenolic and aliphatic moieties displaying hydroxyl (OH) functional groups, as confirmed by attenuated total reflectance-Fourier transform infrared spectroscopy (ATR-FTIR) and nuclear magnetic resonance spectroscopy (NMR) analysis. The biopolyols obtained were successfully employed as a green raw material to produce bio-based polyurethane (BioPU) coatings on carbon steel substrates, using, as an isocyanate source, a commercial bio-based polyisocyanate—Desmodur® Eco N7300. The BioPU coatings were analyzed in terms of chemical structure, the extent of the reaction of the isocyanate species, thermal stability, hydrophobicity, and adhesion strength. They show moderate thermal stability at temperatures up to 100 °C, and a mild hydrophobicity, displaying contact angles between 68° and 86°. The adhesion tests reveal similar pull-off strength values (ca. 2.2 MPa) for the BioPU either prepared with pinewood and Stipa-derived biopolyols (BPUI and BPUII). Electrochemical impedance spectroscopy (EIS) measurements were carried out on the coated substrates for 60 days in 0.05 M NaCl solution. Good corrosion protection properties were achieved for the coatings, with particular emphasis on the coating prepared with the pinewood-derived polyol, which exhibited a low-frequency impedance modulus normalized for the coating thickness of 6.1 × 1010 Ω cm at the end of the 60 days test, three times higher than for coatings prepared with Stipa-derived biopolyols. The produced BioPU formulations show great potential for application as coatings, and for further modification with bio-based fillers and corrosion inhibitors.