A problem addressed by the present invention is to provide a urethane resin composition having an excellent texture and formulation stability in a urethane resin composition that contains water. A urethane resin composition characterized by containing a urethane resin (A) having an anionic group and a nonionic group, that employs a polycarbonate polyol (a1) that is liquid at normal temperature as a raw material and does not employ compounds (x2) having three or more hydroxyl groups as a raw material, a nonionic emulsifier (B), and water (C). In addition, the present invention provides a leather sheet characterized in that a coagulated product of the urethane resin composition is present in a fiber base material. The urethane resin (A) and the nonionic emulsifier (B) both preferably have an oxyethylene group and an oxypropylene group.