Abstract: An apparatus and method of producing polyurethane rubber bands. The apparatus includes a first device for heating and simultaneously drawing a polyurethane sheet produced by incising polyurethane tubular film obtained according to an inflation procedure, a second device for coating a release agent onto both sides of the drawn polyurethane sheet and drying the release agent-coated polyurethane sheet, a third device for longitudinally fine-cutting the dried polyurethane sheet using fine-cutting rollers to form several tens of strips of polyurethane rubber bands, depositing starch or talc powder on both sides of the polyurethane rubber bands, and heat-processing the polyurethane rubber bands deposited by the starch or talc powder, a fourth device for dispersing the heat-processed polyurethane rubber bands to impartially stuff the polyurethane rubber bands into packing receptacles, and a fifth device for heat-aging the packed polyurethane bands in an aging compartment.