The objective of this work was to determine the influence of different chain extenders (CEs) on the morphology, thermal, viscoelastic, and dielectric properties of soybean polyurethane (PU). The PU with ethane‐1.2‐diol showed a more organized structure, which was attributed to the smaller amount of methylene groups (CH2) and the shorter distance between the hydrogen bonds. While, PUs with dipropylene glycol, the free volume increased due to the less effective interactions formed between the hard and soft domains. The α, β, and γ transitions dipolar by conductive process, are probably associated with (a) local motions of the main chain, (b) the smaller groups rotation motions in the fatty acid chains in the soft phase, and (c) the CH2 group rotation motion in the amorphous region. The phase‐separated morphology is most evident at high temperatures due to the Maxwell–Wagner–Sillars interfacial polarization process.