Abstract: A polyurethane dispersion contains (A) an organic solvent, (B) a polyurethane resin having a molecular weight of 20,000-500,000, and (C) fine particles obtained from an active-hydrogen containing polyfunctional compound, which contains functional groups having a molecular weight of 50 or smaller per functional group, and an organic polyisocyanate. The dispersion can be converted into an emulsion by emulsifying water therein. A sheet-like porous material is also obtained by impregnating and/or coating a base material with the emulsion, causing the thus-coated emulsion to gel and then drying the resultant base material. The dispersion has excellent stability. The emulsion can be gelatinized at a relatively high temperature in a rather short period time, thereby permitting efficient production of the sheet-like porous material. The sheet-like material has a very fine porous structure, is excellent in various properties and has superb water vapor transmission characteristics.