Thermosetting polyurethanes (PUs) are ubiquitous in our daily life due to their low cost and attractive properties, such as mechanical robustness, chemical resistance, and thermal stability. However, thermosetting PUs are challenged by their intrinsic non-recyclability. Due to the chemically cross-linked network structures, reprocessability, and controllable degradation of thermosetting PUs are difficult to achieve, tremendous pollution and waste were generated each year. A promising strategy is to introduce “vitrimer” chemistry to the design of thermosetting PUs. Intriguing opportunities, offered by the integration of vitrimers and thermosetting PUs, have enabled the design of high-performance PU materials with exclusive performances, including shape memory, self-healability, degradability, recyclability and reprocessability. This review systematically summarizes the recent advancement in the research on PU vitrimers. First, the classification of reversible covalent chemistry and the preparation of PU vitrimers are discussed. Second, the unique properties of PU vitrimers enabled by the dynamic covalent bonds are reviewed, including shape memory, self-healability, recyclability, reprocessability, adhesion, degradability, and weldability. Potential applications enabled by this intriguing performance are subsequently discussed. Afterwards, we present our perspectives on the challenges that are yet to be addressed for transforming PU vitrimers into high-performance yet recyclable polymer materials.