In this study, aqueous acrylic polyol dispersions with high stability for a two-component waterborne polyurethane were prepared. To improve the stability of acrylic dispersions, the influence of the acrylic acid (AA) addition method, neutralization, water addition rate during the dilution process, and dispersion equipment on the stability of the aqueous acrylic polyol dispersion was studied using dynamic light scattering and a thermal storage experiment. The acrylic resins’ structure was examined using Fourier transform infrared spectra, and the water resistance of the resultant films was investigated by electrochemical measurements and a water-swelling experiment. The dispersions prepared by two-step AA addition exhibited better particle size distribution, viscosity, and thermal storage compared with those prepared by one-step AA addition. Furthermore, the acrylic resin prepared by two-step AA addition was observed to possess a higher acid value. The corrosion currents of films based on dispersions prepared by two-step AA addition decreased to a smaller extent after 24 h of immersion in water. The dispersions afforded smaller particles when larger amounts of neutralizer and slower water addition rates were used. The dispersions prepared using a sawtooth disk dispersion machine displayed better performance than that prepared using a homogenizer dispersion machine.