A two-component waterborne polyurethane (2K-WPU) is prepared with the terpene-maleic ester type epoxy resin-based polyol dispersion and a hydrophilically modified hexamethylene diisocyanate tripolymer. Laser particle size analyzer and transmission electron microscopy are used to characterize the particle size distribution and the micromorphology of the 2K-WPU. Crosslinking reaction kinetics of the 2K-WPU is examined by fourier transform infrared spectrometry (FTIR) spectra. In the preliminary stage of the crosslinking reaction, it shows a very good fit with a second order reaction kinetics, and the apparent activation energy is 94.61 kJ mol(-1). It is also shown from the FTIR spectra that the complete crosslinking reaction of the 2K-WPU needs 7 h at 70 degrees C. The crosslinked products of the 2K-WPU have good thermal resistant properties, with glass-transition temperatures (T-g) in the range of 35-40 degrees C and 10% weight loss temperatures (T-d) in the range of 275-287 degrees C. The films obtained from the crosslinked products have good water-resistance, antifouling, blocking resistance properties and impact strength of >50 cm, flexibility of 0.5 mm, adhesion of 1 grade, pencil hardness of HB-2H. The pencil hardness and thermal-resistant properties of the crosslinked products increase with the molar ratio of isocyanate (-NCO) group to hydroxyl (-OH) group. (C) 2012 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 128: 132-138, 2013