This study used dicyclohexylmethane 4,4-diisocyanate, polybutylene adipate, polyether-1,3-diol, and 2,6-pyridinedimethanol to synthesize a novel water-based polyurethane (WPU) that contained pyridyl units. To enhance the thermal, mechanical, swelling, and antimicrobial properties of the WPU, various metals (silver nitrate, copper acetate, cobalt acetate, and zinc acetate) were incorporated to form WPU/metal composites. In addition, the study investigated the effects of the metal types on the WPU properties. Fourier transform infrared spectroscopy was used to confirm the synthesis of the WPU containing pyridine. Atomic force microscopy illustrated that the added metals increased the WPU surface roughness. The contact angle and degree of swelling tests demonstrated that the added metal reduced the WPU hydrophilicity, and with the addition of other metal types, the hydrophobicity increased considerably. Thermal gravimetric analysis indicated that the initial decomposition temperature of the highest WPU thermal stability was attributed to zinc. In addition, the results of differential scanning calorimetry and dynamic mechanical analysis showed that adding a small amount of metal increased the hard and soft segment glass transition temperatures. A universal strength tester validated that the WPU mechanical properties varied with the different metal additives and that the WPU strength increased. However, the WPU toughness and ductility decreased with the addition of metals; silver provided the highest mechanical strength. An antimicrobial test indicated that silver enhanced the antimicrobial property. The moisture permeability and waterproof property of the WPU coating was also analyzed.