This paper studies the biodegradation features of a novel blend of polyurethane acrylate–acrylated epoxidized soybean oil-based cross-linked polyurethane elastomers in the presence of the soft-rot fungus Chaetomium globosum. After the specimens were incubated at 28 °C for 90 and 130 days, the degree of fungal damage was measured by analysis of weight loss and mechanical properties. The biodegradation of the films was also evidenced by SEM and FTIR spectroscopic studies. After fungal attack, the FTIR spectra indicate a degradation of urethane and ester groups of the polyurethane and especially of the ester groups from the modified soybean oil part. The polyurethane blend films exposed to fungal attack suffered a loss in strength of up to 55% and a loss in elongation of up to 80%, depending on the content of acrylated epoxidized soybean oil. The biodegradation of the blends was also confirmed by SEM analyses. The biodegradation results show that samples with a high content of acrylated epoxidized soybean oil are more biodegradable than mere polyurethane acrylate. These biodegradable polymer blends present an optimum balance of physical properties and biodegradable properties with the potential for application as eco-friendly biomaterials.