Abstract Polyurethane has attracted the great attention of scientists because of its lightweight, high toughness, good wear resistance and corrosion resistance. In the past, polyurethane was mainly used in low‐end products because of its single function. With the development of science and technology, ordinary polyurethane has been unable to meet the diverse needs of people. In recent years, scientists have developed a lot of functional polyurethane: self‐healing polyurethane, antifouling polyurethane, antibacterial polyurethane, shape memory polyurethane and electromagnetic shielding polyurethane. Polyurethane with a single function has been reported by many people, while polyurethane with multiple functions has been rarely reported. This review comprehensively reviews the structural design and applications of functional polyurethane. In addition, the advantages and disadvantages of chemical grafting functional polyurethane are introduced emphatically. Finally, challenges and future research directions of functional polyurethane are also discussed.