Chloropolyether terminated polybutadiene(CTPB) was synthesized with hydroxyl terminated polybutadiene(HTPB) as initiator and boron-trifluoride etherate as catalyst by cationic ring-opening polymerization of epichlorohydrin. Epoxy terminated polybutadiene(ETPB) with epoxy value of 0.0549 was synthesized by ring-closing reaction of CTPB under basic conditions. The effects of NaOH/CTPB molar ratio,reaction temperature and reaction time on ring-closing reaction were discussed. Curing procedures of different curing agents on ETPB were examined. Results show that polyamide 650 is good curing agent of ETPB. The tensile strength and elongation of the cured sample is 4.5-5.1 MPa and 150%-180%,respectively.