Using the emulsion method the waterborne castor ester based polyurethane emulsion was synthesized by polycastor oil adipate polyol,and Isophorone diisocyanate(IPDI),hexamethylene diisocyanate(HMDI),2,4-Diisocyanatotoluene(TDI),4,4`-diphenylmethane diisocyanate(MDI) and dimethylbenzanthracene(DMBA).The influences of types of isocyanate and the R value on the emulsion performance were also discussed.TG and XRD were used to characterize the low temperature resistance,heat resistance performance and crystallization properties of the membrane.It was demonstrated that synthetic latex with HMDI or IPDI was of high stability under the value of R was 3-3.5when the reaction was lasted for 2 hours;Compared to the other water-borne polyester polyurethane,greater thermal and mechanical properties and low crystalline were obtained using polycastor oil adipate polyol,which can be used as a new type of leather finishing agent.