A tar-urethane composition comprising (1) an isocyanate-reactive tar obtained by reacting a tar produced as a by-product in the phenol synthesis via hydroperoxides with a formaldehyde in the presence of a basic catalyst and in the presence or absence of at least one phenol compound and (2) a polyisocyanate, which is useful as coating agents, materials for pavement, floor linings, sealing materials and the like.