The thermoplastic polyurethane elastomer (TPU) was firstly synthesized by using polybutylene adipate (PBA) as soft segments, methane-4-4’-diisocyanate(MDI) and 1,4–butanediol(BDO) as hard segments. The polyurethane hot-melt adhesive was then prepared by adding the tackifying resin, filler and other auxiliaries into the TPU matrix. The structure of the synthetic products was characterized by Infrared Spectrum and the thermal properties and microstructure of polyurethane hot-melt adhesive was tested by the thermogravimetric(TG) and the scanning electron microscopy(SEM), respectively. The results showed that the thermoplastic polyurethane elastomer had the expected structure, the shear strength of polyurethane hot-melt adhesive increased with the pentaerythritol abietate content increasing when the addition of the pentaerythritol abietate is less than 20 wt%, and decreased with the content of CaCO3 filler and petroleum resin increasing, respectively; the thermal stability was improved, and the char yields of the polyurethane blends increased with adding the filler CaCO3. When the molar ratio of PBA:MDI:BDO was 1:2:1, the addition of pentaerythritol abietate and filler CaCO3 was 20 wt% and 30 wt%, the comprehensive performance of PU hot-melt adhesive was better and the shear strength was 7.37 MPa.