Polycaprolactone polyol（PCLT）was produced by ring-opening polymerisation of ε-caprolactone using trimethylolpropane（TMP）as a chain extender in a one-pot method，and then low hydroxyl-content acrylic dispersions（LHAD） with excellent flexibility were produced from PCLT. The PCLT was characterised by gel permeation chromatography，fourier transform infrared（FT-IR）spectroscopy and nuclear magnetic resonance（1H NMR）hydrogen spectroscopy，and the effects of reaction temperature，n（caprolactone）∶n（TMP），solvent type，PCLT content，and the theoretical glass transition temperature of LHAD on the properties of PCLT and LHAD were investigated. The results showed that the reaction temperature of 145 ℃，n（caprolactone）∶n（TMP）of 12. 17，the mass mixture of butyl acetate and ethyleneglycol butyl ether as the polymerisation solvent system，the content of PCLT of 9. 4%，and the theoretical glass transition temperature of LHAD of 41. 85 ℃ resulted in the production ofLHAD with smaller particle size，moderate viscosity，high solid content，and better thermal storage stability. The waterborne two-component polyurethane coatings was prepared by combining LHAD with waterborne polyisocyanate curing agent（AQUAPU-298）， and the hardness of the coating was F after curing，and the coating also had excellent flexibility and gloss.