Calcareous sand has been widely used as a construction material for offshore projects; however, the problem of foundation settlement caused by particle crushing cannot be ignored. Although many methods for reinforcing calcareous sands have been proposed, they are difficult to apply on-site. In this study, a permeable polyurethane polymer adhesive (PPA) was used to reinforce calcareous sands, and its mechanical properties after reinforcement were investigated through compression creep, direct shear, and triaxial shear tests. The reinforcement mechanism was analyzed using optical microscopy, CT tomography, and mercury intrusion porosimetry. The experimental results indicate that there is a critical time during the compression creep process. Once the critical time is surpassed, creep accelerates again, causing failure of the traditional Burgers and Murayama models. The direct shear strength of the fiber- and geogrid-reinforced calcareous sand reinforced by PPA was approximately nine times greater than that without PPA. The influence of normal stress was not significant when the moisture content was less than 10%, but when the moisture content was more than 10%, the shear strength increased with an increase in vertical normal stress. Strain-softening features can be observed in triaxial shear tests under conditions of low confining pressure, and the relationship between the deviatoric stress and strain can be described using the Duncan–Chang model before softening occurs. The moisture content also has a significant influence on the peak strength and cohesive force but has little influence on the internal friction angle and Poisson’s ratio. This influence is caused by the different PPA structures among the particles. The higher the moisture content, the greater the number of pores left after grouting PPA.