The invention provides a waterproof material obtained from urethane composition, which is excellent in deforming property and levelling property, and enables to provide a waterproof layer having excellent waterproof property and surface appearance. The urethane composition contains a urethane prepolymer (A), an oxazolidine-containing urethane compound (B), a filler (E), a plasticizer (F) and a solvent (G). This urethane composition further contains, per 100 parts by weight thereof, 0.01-5 parts by weight of an ethylene-a-olefin cooligomer (C) and 0.1-5 parts by weight of a surface-treated organic hollow filler (D) which is a polymer composed of acrylonytrile or a modified acrylonytrile and having an average particle diameter of not more than 100 ¢mu!m. The weight ratio between the addition amount of the ethylene-a-olefin cooligomer (C) and the addition amount of the organic hollow filler (D), namely (C)/(D) is within the range of 0.01-10.