A series of micro hollow glass beads (HGB) filled castor oil-based polyurethane/epoxy resin graft interpenetrating polymer network (IPN) composites were prepared. The tensile and impact strengths, impact fractured surfaces, damping properties and thermal stability of the IPN composites were studied systematically in terms of composition. Results revealed that the addition of HGB into polyurethane/epoxy IPN can significantly improve not only the tensile strength but also the impact strength. The tensile strength was increased by 61% and at the same time the impact strength was increased by 25% when the HGB content was 1.5%. The damping properties were better than the composition of 0.5% or 2% HGB content when the HGB content was 1% or 1.5%. The thermal decomposition temperature was also slightly improved by the incorporation of HGB. It is suggested that the HGB reinforced polyurethane/epoxy resin IPN composites could be used as structural damping materials.