In this paper, we propose a novel method to product biological models using polyurethane elastomer, which has high photoelastic coefficient and a method to analyze stress states on the model by photoelastic method. With this method, stress condition on vascular wall represented by two principal stresses is clearly visualized on vascular fringe as rainbow-colored photoelastic stress pattern, and the quantitative stress is analyzed from that pattern. For analysis of stress states by photoelastic method, retardation and path length of penetration light through the model must be observed. Proposed method is possible to observe these two parameters simultaneously. Retardation is decided from RGB value of rainbow-colored photoelastic stress pattern and path length is decided from permeability of light. The accuracy of stress analysis is evaluated by tensile test using artery-like cylindrical model. Lastly using the model produced by new method, we analyze stress states quantitatively on the model of cerebral artery. Consequently, it should be valuable for various applications not only surgical simulations but also hemodynamic studies and pathological studies.