Nowadays, with growth of industrial activities, the oil and organic solvents polluted the water environment and needs immediate confrontation. In this regard, recycling of polyurethane foam (PUF) and spent bleaching earth (SBE) as the industrial waste materials into nanocomposite for the separation of the oil from water could provide adsorbent and assist treatment of industrial wastes and wastewater, concurrently. In this study, the spent bleaching earth, an industrial waste material in edible oil refinery plant was used as raw material to synthesis carbon/silicate nanohybrid material and magnetic nanoparticles prepared by co-precipitation method. The superhydrophobic foam is synthesized by simple and low-cost dip coating of the polyurethane foam waste in the mixture solution of nonohybride material and magnetic nanoparticles. The modified polyurethane foam (MPUF) was characterized by XRD, FITR, and TGA and also, its morphology investigated by FESEM and EDS mapping. The water contact angle on the surface of modified foam was 154° and its adsorption capacity for different oils and organic solvents was at least 24 times higher than its own weight, which confirmed the superhydrophobic modification of the polyurethane foam. The experiments showed that the resulting MPUF not only could successfully adsorbed oil from the oil-water mixture through the application of an external magnet but also it has excellent reusability after 15 cycles. This study prepares a new eco-friendly superhydrophobic nanocomposite material with high oil–water selectivity, which can be a good candidate for the industrial applications.