A non-solvent two-component polyurethane artificial leather composition is provided. The polyurethane composition comprises (A) a polyurethane-prepolymer component, comprising one or more polyurethane-prepolymers prepared by reacting at least one polyisocyanate compound with at least one first polyol, wherein the polyurethane-prepolymer comprises at least two free isocyanate groups; and (B) a polyol component, comprising at least one second polyol; wherein the polyol component further comprises an encapsulated foaming agent comprising at least one foaming core phase encapsulated within an outer shell. The polyurethane leather product derived from the polyurethane composition exhibits enhanced stability, mild bubble generation and improved cost effectiveness. A polyurethane leather product prepared with said composition and the method for preparing the same are also provided.