Tetraphenylethane-based polyurethane macroiniferter has been used to prepare polyurethane-polymethacrylic acid multi-block copolymers. These block copolymers have been converted into corresponding anionomers by treating them with triethylamine. Dispersions have been prepared by adding water into dimethylformamide solutions of block copolymers and their anionomers. Particle size and viscosity of the dispersions have been determined. The films obtained from the dispersions have been characterized by mechanical and dynamic mechanical analyses.