In the present study, composites of water-soluble polyurethane/calcium carbonate (CaCO3) were prepared from a soft segment of hydroxyl-terminated polybutadiene (HTPB) and polyethylene glycol (PEG, average molecular weight = 4000) with aliphatic diisocyanates. The functionality of CaCO3 particles was modified using aminopropyltriethoxysilane (APTES), and was confirmed by Fourier-transform infrared spectroscopy (FTIR). The solubility, hydrophilic properties, and chemical structures of the composites were analyzed by water-solubility tests, contact angle measurements, and FTIR, respectively, and the successful production of the hydrophilic water-soluble polyurethane (WSPU) structure was demonstrated. The adhesion of surface-modified CaCO3 particles to the WSPU matrix and the thermal degradation properties of the neat WSPU and WSPU/CaCO3 composites were studied using field emission scanning electron microscopy (FE-SEM) and thermogravimetric analysis (TGA). The results demonstrated good adhesion of the surface-modified CaCO3 particles along with an improved thermal degradation temperature with the addition of CaCO3 particles to the WSPU matrix.