In view of both improving properties of waterborne polyurethane (WPU) and sufficient utilization of renewable resources, a series of polydimethylsiloxane (PDMS) and castor oil (C.O.) comodified anionic WPUs with internal cross-linking was prepared through a prepolymer mixing process. The chemical structure of synthesized polymers was characterized by Fourier transforms infrared spectroscopy (FT-IR). In comparison with traditional linear WPU synthesized from petroleum-based polyols, these novel WPU films exhibited superior properties in solvent and water resistance, thermal stability, and mechanical strength, which suggest promising applications of these new environmentally friendly materials, particularly in the area of decorative and protective coatings. In addition, the results showed that with the increase in PDMS content in these co-modified WPUs the average particle size, the water resistance, and the thermal stability increased accordingly while the solvent resistance and the mechanical properties decreased.