Polymer-cement waterproofing membrane is formed through hydration of cement and solidification of polymers, due to simultaneous water consumption by hydration to cement and water evaporation. Therefore, structures of membranes differ by mixing ratio of cement, polymer and particularly water content. In the study, polymer cement sheets were made by various ratios of the three components, and their structures were investigated through EPMA observation. Furthermore, a simulation model adopted water reduction by hydration and evaporation was developed. The simulated results were compared with observed ones and showed in approximately good accordance with the observed images. Finally structures of the polymer cement waterproofing membranes were discussed on the basis of the two results.�