Rubber-modified polyurethane resin which was prepolymer type terminated with NCO, was synthesized by reacting isocyanate groups[NCO] and hydroxyl groups[OH]. Polybutadiene rubbers which had OH groups in the side of rubber chains, were charged at ratio $0%{sim}40%$ of solid component in reactants. For products, physical properties were investigated experimentally. The results abtained in experiment were as follows. 1. Liquid resin and dried film was good solubility and clearity at less than 25%, 20% of rubber without being related to sort. 2. G-1000 showed better properties than R-45HT in solubility, dring time and adhesive strength. 3. Dring time and adhesive strength were considerably influenced by molecular weigh and structure of rubber. 4. In using 25% of mixed rubber(G-1000/R-45HT=50/50), It represented best properties in dring time(10 minute) and adhesive strength($23Kg/cm^2$).