Provided is a urethane resin composition for a moisture-permeable waterproof sheet which has excellent moisture permeability, waterproofness, chemical-resistance to insecticide, an organic solvent, etc., and superior durability, a moisture-permeable waterproof sheet, and a method of manufacturing the same. The polyurethane resin composition for a moisture-permeable waterproof sheet includes a hydrophilic polyurethane resin (A), organic polyisocyanate (B) having polyisocyanate (B0) with a functional number of 3 or more, and an organic solvent (C). Further, the hydrophilic polyurethane resin (A) includes high-molecular diol (d) having an oxyethylene group, organic diisocyanate (e), and a chain extender (f), and a content of an oxyethylene group is preferably 10 to 80 mass %. Also, the organic polyisocyanate (B) is at least one selected from the group consisting of aliphatic polyisocyanate and alicyclic polyisocyanate which have an average functional number of from 2.3 to 5.