The invention relates to a polyether polyol, a water-curable polyurethane prepolymer prepared by using the polyether polyol, and a composition containing the prepolymer. The above polyether polyol is obtainable by subjecting an active hydrogen compound to addition polymerization reaction with ethylene oxide and an alkylene oxide of 3 to 4 carbon atoms in a specified ratio. The above water-curable polyurethane prepolymer is obtainable by reacting the polyether polyol with a polyisocyanate compound. The above composition comprises a mixture of the water-curable polyurethane prepolymer and the polyisocyanate. The above water-curable polyurethane prepolymer and composition provide a foam of fine and uniform cell structure with improved strength on curing with water.