Two-component solvent-free polyurethane adhesive was prepared with PBA, vegetable oil polyols, IPDI and several different small molecular alcohols as main raw materials. The influences of two-components ratio R′ and mixed polyols components on curing speed, heat resistance, water absorption, and T-peel strength were studied. The results showed that the adhesives showed the best comprehensive properties when the two-components ratio R′ is 1.3; addition of small molecular alcohols can not increase the curing speed and heat resistance, however, it can significantly improve the peel strength of the adhesive; adding appropriate amount of small molecules alcohols selectively can enhance its water resistance.