In a range of forms, such as latex, water-soluble polymer, liquid resin, and monomer, polymer dispersions have been widely used in the construction industry as cement modifiers because of their excellent properties, such as acid-resistance, water-proofness, and good ductility in mortar and concrete. Polymer cement slurry (polymer-modified slurry) is made of cement and polymer dispersions, with a high polymer-cement ratio of 50% or more. The purpose of this study is to evaluate the water permeability and drying shrinkage of polymer cement mortar (polymer-modified mortar) and cement concrete coated by polymer cement slurry. The polymer cement mortar and cement concrete are prepared with various polymer types, polymer-cement ratios and curing methods, and are tested for water permeability, drying shrinkage and strength. The test results showed thatthe weight of permeable water of polymer cement mortar decreases with an increase in the polymer-cement ratio, reaching a minimum at the polymer-cement ratio of 20%. In particular, the weight of permeable water of St/BA-modified mortar with a polymer-cement ratio of 20% coated with St/BA-modified slurry is about 1/55 that of unmodified mortar. The EVA- and St/BA-modified slurries coated on cement concrete have about 4 or 5 times higher drying shrinkage compared to cement concrete. The strength of polymer cement mortars tends to increase with a higher polymer-cement ratio, and is considerably higher than that of unmodified mortar. It is thus concluded that polymer cement mortars coated by polymer cement slurry are effective for industrial application, and have superior properties such as waterproofness and strengths, compared with conventional cement mortar.