In this paper, the effects of HTPBs with different main-chain microstructures on their triblock copolymers and polyurethane properties were investigated. Three polyether-modified HTPB triblock copolymers were successfully synthesized via a cationic ring-opening copolymerization reaction using three HTPBs with different microstructures prepared via three different polymerization methods as the macromolecular chain transfer agents and tetrahydrofuran (THF) and propylene oxide (PO) as the copolymerization monomers. Finally, the corresponding polyurethane elastomers were prepared using the three triblock copolymers as soft segments and toluene diisocyanate (TDI) as hard segments. The results of an analysis of the triblock copolymers showed that the triblock copolymers had lower viscosity and glass transition temperature (Tg) values as the HTPB 1,2 structure content decreased, although the effect on the thermal decomposition temperature was not significant. An analysis of the polyurethane elastomers revealed that as the content of the 1,2 structure in HTPB increased, its corresponding polyurethane elastomers showed a gradual increase in breaking strength and a gradual decrease in elongation at break. In addition, PU-1 had stronger crystallization properties compared to PU-2 and PU-3. However, the differences in the microstructures of the HTPBs did not seem to have much effect on the surface properties of the polyurethane elastomers.