The present invention addresses the problem of providing a phenolic hydroxyl group-containing resin having superior heat resistance and, when being used as a resist material, exhibits excellent alkali developing properties. Provided is a phenolic hydroxyl group-containing resin which is a reaction product of: an alcohol compound (X); and a novolac type phenol resin (C), of which essential reaction materials are an aliphatic aldehyde (B) and an aromatic compound (A) represented by formula (1). In formula (1): R1 and R2 each represent an aliphatic hydrocarbon group having 1-9 carbon atoms, an alkoxy group, an aryl group, an aralkyl group, or a halogen atom; m, n, and p each represent an integer of 0-4; R3 represents a hydrogen atom, an aliphatic hydrocarbon group having 1-9 carbon atoms, or a structural moiety having, on a hydrocarbon group, at least one substituent selected from alkoxy groups, halogen groups, and a hydroxyl group; and R4 represents a hydroxyl group, an aliphatic hydrocarbon group having 1-9 carbon atoms, an alkoxy group, or a halogen atom.