Using sustainable biomass feedstock to prepare biobased chemical products is attracting increasing attention. Betulin is a natural cyclic aliphatic diol that can be extracted in large quantities from the bark of birch trees. In this study, a series of biobased polyurethane (PU) elastomers with excellent mechanical properties, solvent resistance, and thermal stability were synthesized under catalyst-free conditions using betulin and castor oil (CO) as the bio-based polyols. The chemical structure and properties of the bio-based PU elastomers were systematically investigated according to the effect of the hydroxyl ratio between betulin and CO. Due to the presence of abundant hydrogen bonds and rigid ring planes in the PU structure, and a higher cross-link density, the obtained PU elastomers had excellent mechanical properties. They achieved a maximum tensile strength of 31.6 MPa with the tensile strain reaching more than 200% and were able to withstand 1 × 10 5 times their weight. The thermal decomposition temperature of the betulin-derived PUs was over 300 °C. This study showcased a strategy to synthesize sustainable high-performance PU materials with a high biomass content (>75%).