The free-radical polymerization of alkenyl-terminated polyurethane dispersions with styrene and n-butyl acrylate was performed to obtain a series of stable polyurethane-poly(n-butyl acrylate-co-styrene) (PUA) hybrid emulsions. The core-shell structure of the emulsions was observed by transmission electron microscopy, and the microstructure was studied by 1 H-NMR and Fourier transform infrared spectroscopy. The effects of the poly(propylene glycol)s (number-average molecular weights 5 1000, 1500, and 2000 Da) and the mass ratios of polyurethane to poly(n-butyl acrylate-co-styrene) (PBS; 50/50, 40/60, 30/70, 20/80, and 10/90) on the structure, morphology, and properties of the PUAs were investigated. The average particle size and water absorption values of the PUAs increased with increasing of PBS content. However, the surface tension decreased from 34.61 to 30.29 mN/m. PUA-2, with a bimodal distribution, showed Newtonian liquid behaviors, and PUA-3 showed a great thermal stability, fast drying characteristics, and excellent adhesion to packaging films.