Polyurethane elastomer has become a current focal point in the field of damping materials due to superior comprehensive properties. However, its effective damping temperature range is limited, and existing methods often lead to a reduction in mechanical performance. Moreover, polyurethane exhibits poor water resistance and flame resistance, constraining its applications. In this study, we introduce a small amount of dangling chain and aromatic dynamic disulfide bond into polyurethane to achieve a balance between damping and mechanical performance. Notably, the fluorinated dangling chain improves water resistance of the material synchronously and effectively. Additionally, ammonium polyphosphate modified by melamine and diethyl bis(2-hydroxyethyl)aminomethylphosphonate are introduced into polyurethane to improve flame resistance. The prepared polyurethane elastomer exhibits excellent comprehensive performance, featuring an effective damping (tanδ≥0.3) temperature range of 153.2 °C (−53.2 °C ∼ 100 °C), V-0 level flame resistance and excellent water resistance. Meanwhile, the heat stability of the polyurethane elastomer has been significantly enhanced, while maintaining a certain level of mechanical performance (9.72 ± 0.25 MPa, 602.4 ± 30.1%). These improvements extend the service life of polyurethane and expand its range of potential applications.