In this study, a series of anionic water-based PU using hydrophobic PEBA 2000 and PED2000 as raw material were synthesized. The molecular structure of synthetic product confirmed by Fourier Transform Infrared Spectroscopy (FT-IR). Adding cetyl alcohol as an addition agent in WPU, The properties of aqueous solution including surface tension, contact angle, foaming property, particle size distribution, pH buffering capacity, and acid and alkali resistance were invistigated. The results showed that WPU with 5% cetyl alcohol had the lowest surface tension, foaming height and the largest contact angle values. Particle size analysis indicated the addition of cetyl alcohol with the synthesized product lead the particle size uneven distribution. In the acid-base test, the synthetic product has good pH buffering capacity and alkali resistance in the acid bath.