Two kinds of water-soluble and ultraviolet (UV) curable oligomers were synthesized and characterized. The oligomers were evaluated as resins for water-based UV curable coating. The rheology of the two oligomers' aqueous solutions was investigated in terms of solid fraction, pH dependence, and temperature dependence. The solutions were found to be Newtonian fluid showing rather low viscosity even at high solid fraction of 0.55. The drying process of the coatings and the properties of the cured coatings were studied by comparing them with water-dispersed UV-curable polyurethane methyl acrylate. It was evident that the water-soluble coating dried more slowly; and that the overall properties were inferior to those of the water-dispersed coating.