Polyurethane foam materials have broad application prospects in practical engineering as flame retardants, waterproof coatings, and grout repair materials due to advantages such as light weight, quick forming, and good durability. Due to water’s low cost and convenience, water-reactive Polyurethane foam materials are widely used in engineering. The content of the water has a significant effect on the performance of polyurethane foams after molding. Polyurethane foams with anti-seepage and reinforcement effects are used in complex water environments for long durations. This study analyzed the effects of water content on properties and the diffusion mechanism of polyurethane foam materials in water. Additionally, the effect of the water environment on the polyurethane grouting material’s properties was summarized. Finally, this study discussed the future research directions of polyurethane foam materials in a water environment.