A new generation polyol (generation-II) with significantly higher triol content and higher hydroxyl value was synthesized from canola oil by introducing a mild solvent (ethyl acetate) and a more efficient reductive reagent (zinc) to the previous synthetic procedure (Narine, S. S.; Yue, J.; Kong, X. J. Am. Oil Chem. Soc. 2007, 84, 173-179). Polyurethane (PUR) elastomers were prepared by reacting this type of polyol with aliphatic diisocyanates. The physical and thermal properties of the PUR elastomers were studied using dynamic mechanical analysis (DMA) and differential scanning calorimetry (DSC and compared to the elastomers made from the old generation polyol (generation-I). The concentration of elastically active network chains (nu e) of the polymer networks was calculated based on rubber elasticity theory. Larger nu e and narrower distribution of nu(e) was observed in the case of the PURs prepared from the generation-II polyol. The relatively faster relaxation at higher temperature for this type of PUR elastomer, suggests a tighter cross-linked network structure by reducing the dangling chains effect. With the same OH/NCO molar ratio, the PURs prepared from the generation-II polyol showed higher glass transition temperatures (T-g), higher Young's modulus and tensile strength, and longer elongation at break.