Polyurethanes with self-healing and reprocessing capabilities are promising in eco-friendly applications. Here, a self-healable and recyclable zwitterionic polyurethane (ZPU) was developed by introducing ionic bonds between protonated ammonium groups and sulfonic acid moieties. The structure of the synthesized ZPU was characterized by FTIR and XPS. The thermal, mechanical, self-healing and recyclable properties of ZPU were also investigated in detail. Compared with cationic polyurethane (CPU), ZPU shows similar thermal stability. The physical cross-linking network formed between zwitterion groups can dissipate strain energy as a weak dynamic bond, endowing ZPU with outstanding mechanical and elastic recovery properties, including the high tensile strength of 7.38 MPa, high elongation at a break of 980%, and fast elastic recovery ability. Additionally, ZPU exhibits a healing efficiency of over 93% at 50 °C for 1.5 h as a result of the dynamic reconstruction of reversible ionic bonds. Furthermore, ZPU can be well reprocessed by solution casting and hot-pressing with a recovery efficiency above 88%. The excellent mechanical properties, fast repairing capability, and good recyclability not only enable polyurethane with a promising application in protective coatings for textiles and paints but also make it a superior candidate as stretchable substrates for wearable electronic devices and strain sensors.