Abstract With the advances of green chemistry and nanoscience, the synthesis of green, homogenous bio-based waterborne polyurethane (WPU) dispersions with high performance have gained great attention. The presented chapter deals with the recent synthesis of waterborne polyurethane with the biomass, especially the vegetable oils including castor oil, soybean oil, sunflower oil, linseed oil, jatropha oil, and palm oil, etc. Meanwhile, the other biomasses, such as cellulose, starch, lignin, chitosan, etc., have also been illustrated with the significant application in preparing polyurethane dispersions. The idea was to highlight the main vegetable oil-based polyols, and the isocyanate, diols as chain extenders, which have supplied a class of raw materials in WPU. The conversion of biomasses into active chemical agents, which can be used in synthesis of WPU, has been discussed in detail. The main mechanisms and methods are also presented. It is suggested that the epoxide ring opening method is still the main route to transform vegetable oils to polyols. Furthermore, the nonisocyanate WPU may be one of the main trends for development of WPU using biomasses, especially the abundant vegetable oils.