A process for producing a urethane resin having a low viscosity and usable as a wide range of pressure-sensitive adhesives ranging from a strong-tack region to a slight-tack region, and a pressure-sensitive adhesive are provided. The process for producing a urethane resin comprises reacting a polyol with a polyisocyanate compound in such a proportion that isocyanate groups are in excess to thereby obtain an isocyanate-group-terminated prepolymer, thereafter reacting the isocyanate-group-terminated prepolymer with a chain extender, and reacting the resultant polymer with a chain terminator, wherein the chain extender has three or more functional groups reactive with an isocyanate group, wherein one of the functional groups is a primary amino group or a secondary amino group, another is a primary hydroxyl group, and the remaining functional group(s) are a secondary hydroxyl group or a tertiary hydroxyl group. The pressure-sensitive adhesive comprises the urethane resin obtained.