Provided are a urethane resin solution to provide a urethane resin having a low tensile elasticity, a low elastic modulus under low temperatures, good elastic recovery, excellent heat resistance and excellent adhesion, a production method of the solution and a production method of the urethane resin.An isocyanate group-terminated prepolymer is synthesized by reacting a polyisocyanate compound with a polyetherester diol having a molecular weight of from 800 to 4,000, which is obtained by a ring-opening polymerization of a mixture of an alkylene oxide and a lactone monomer using a polyoxy tetramethylene diol having a molecular weight of from 500 to 2,500 as an initiator and using a composite metal cyanide complex catalyst if necessary, and the resulting prepolymer is reacted with a chain extender, for example, comprised of a low molecular weight diamine and/or a low molecular weight diol, in an organic solvent. The urethane resin solution obtained is molded into a predetermined shape, or a substrate is coated or impregnated with the urethane resin solution and thereafter the organic solvent is removed to obtain a urethane resin.