A series of nanocomposites (PU–Ag) from a polyether-type waterborne polyurethane (PU) incorporated with various amounts (15.1–113 ppm) of silver nanoparticles (approximately 5 nm) were prepared in this study. The surface morphology, biocompatibility, bacterial adhesion and free radical scavenging ability of the nanocomposites were investigated. PU–Ag nanocomposites had a different surface morphology from PU, especially at 30.2 ppm of silver. The latter nanocomposite showed enhanced cellular proliferation and reduced monocyte activation, compared with the original PU or nanocomposites with other Ag content. The nanocomposite also exhibited very low bacterial adhesion. The data obtained from a Ag+-resistant bacterial strain suggested that the release of Ag+ from the nanocomposites may not be the major cause for lower bacterial adhesion on these nanocomposites. Instead, surface morphology accounted for the general improvement of all performances.