In this study, organic polymer polyurethane grouting materials were prepared using isocyanate and polyether polyol as the main agents and various additives, the slurry coagulation process was investigated, and the mechanical properties of the polymer samples were tested to explore the influence of the density and soaking time of the polymer on the strength of the samples. The microstructure of the polymer was observed via electron microscopy, and relying on image analysis software, the structural parameters of the polymer cell were analyzed and calculated; the model equation between density and yield strength was established based on the strength model of porous materials developed by Gibson and Ashby. The results show that the initial viscosity and gel time of the polyurethane slurry decrease with the increase of the initial temperature, and the viscosity changes abruptly when the slurry reaches the gel point. The mechanical properties of the polymer increased with increasing density and decreased with increasing soaking time. The interior of the polymer is a porous structure and the pores are approximately spherical; the higher the density of the polymer material, the more uniform the stress distribution of the material, and the higher the percentage of the matrix, which in turn leads to better mechanical properties of the material. The diameter of the polymer cell is negatively correlated with the density, and the model established based on the microscopic parameters of the cell can better predict the yield strength of the polymer. This study helps to deepen the understanding of the microstructure and mechanical properties of polyurethane and provides a certain reference for the application of polyurethane in underground mine reinforcement engineering.