As the intermediate of the borate ester bonding agent，N- (2- hydroxyethyl) -2- oxazolidone was synthesized from dimethyl carbonate and diethanolamine by the uniform design．The regression equation of the yield of N- (2- hydroxyethyl) -2- oxazolidone and reaction conditions were gained with the aid of SPSS software．The optimum reaction conditions were that n(dimethyl carbonate)：n(diethanolamine) equaled 1.3，m(Sodium methoxide)/m(diethanolamine) equaled 0.50 ％，reaction temperature 60 ℃and reaction time 60 minute，the yield of N- (2- hydroxyethyl) -2- oxazolidone reached 98.2 ％．Application of the borate ester bonding agent（BEBA），which was synthesized with the mixture of N- (2- hydroxyethyl) -2- oxazolidone and diethanolamine as the raw material，in 5 L four groups hydroxyl terminated polybutadiene propellant was investigated，and the result show that BEBA improves the room temperature and high temperature mechanical performance of the propellant by 15 % above the design requirements of the engine，the high temperature adhesion index is 1.02，and its comprehensive performance is better than the results of LAB-303B，BAG-5 and BA603．