To explore the curing reaction behavior of 3，3-bis（azidomethyl）oxetane-tetrahydrofuran copolyether （PBT） and toluene diisocyanate （TDI） binder system， the effects of curing temperature， curing ratio and plasticizer on the curing reaction of PBT-TDI system were investigated by microcalorimetry， and the curing reaction kinetics and thermodynamics of PBT-TDI system were studied and analyzed. The experimental results show that： （1） the higher the curing temperature and the higher the TDI content， the faster the curing reaction； （2） increasing the amount of plasticizer bis（2，2-dinitropropyl）acetal/bis（2，2-dinitropropyl）formal （A3） and dioctyl sebacate （DOS） would reduce the curing reaction speed of the PBT-TDI system； （3） the curing reaction of the PBT-TDI system fits well with the n-th order reaction kinetic model with an activation energy of 12.81 kJ·mol^-1 and a pre-exponential factor of 1.48×10^-2 s^-1.