A new kind of UV-curable waterborne polyurethane acrylate dispersion was synthesized based on hydroxyl-terminated polybutadiene(HTPB),poly(propylene glycol)(PPG),isophorene diisocyanate(IPDI),2hydroxy ethyl acrylate(HEA) and dimethylopropionic acid(DMPA) after neutralizing by triethylamine(TEA).2-hydroxy-4′-hygroxyethoxy-2-methylpropiophenone(Iragcure 2959) was used as a photoinitiator and deionized water as a diluent. Fourier transform infrared(FT-IR) spectra were used to identify the chain structure of the UV-curable Polyurethane prepolymer based on HTPB and the curing process.Effects of relative content of HTPB and PPG on emulsion stability,resistance to water and ethanol,thermal stability,compatibility of soft and hard segment as well as mechanic property of cured film were investigated.