A new PU curing agent with branched structure was prepared by esterification, radical polymerization and reaction of TDI. Unsaturated content (itaconic acid) was added in esterification of adipic acid and 1,4-butanediol, which prepared linear molecule poly (itaconic acid-adipic acid-1,4-butanediol). Then, azodiisobutyronitrile was used to initiate polymerization to form branched molecule (CPBIA). CPBIA reacted with semi-blocked TDI to prepare TDI-CPBIA. These polymers were characterized by FT-IR, 1 H NRM and GPC. Their structure was confirmed. The adjustment of polycondensation and radical polymerization by the raw material ratio and reaction temperature could yield the desired PU curing agent with branched structure and fine solubility. According primary experiments, TDI-CPBIA had fine application performance. The coating had good hardness (6H), thermal performance (T 0 > 250 °C), adhesion (level 1) and impact strength (> 50 cm). This PU curing agent has fine application performance.