The present invention provides a preparation method for aqueous polyurethane. The method comprises the following steps: mixing aliphatic diisocyanate, an aliphatic polyol, dimethylol propionic acid and a catalyst, and carrying out a reaction to obtain a prepolymer; adding a neutralizing agent to the prepolymer, and carrying out a stirring reaction to obtain an intermediate product; adding water and a chain extender to the intermediate product, stirring and dispersing to obtain the aqueous polyurethane, wherein the chain extender is polyoxyethylene polyamine or polyoxypropylene polyamine. The invention further provides the aqueous polyurethane prepared by the method. According to the present invention, the bulk polymerization method is adopted, the use of the organic solvent is not required, and no environmental pollution is generated; the polyoxyethylene polyamine or the polyoxypropylene polyamine is adopted as the chain extender, and is used for emulsion chain extending, such that the obtained polyurethane emulsion has good film-forming flexibility, the mechanical property of the obtained polyurethane can not be reduced, the large R value is not required, and the final produced polyurethane film is soft.