The invention discloses phenolic resin and a synthetic method thereof. The prepared phenolic resin is composed of the following raw materials in parts by weight: 15%-20% of urushiol, 4%-6% of a aldehyde compound, 1.5%-2.5% of an alkaline catalyst, 5%-10% of binary anhydride, 8%-15% of dry vegetable oil, 0.1%-0.7% of an initiating agent, 50%-60% of a solvent, wherein the sum of the percentages of the raw materials is 100%. According to the invention, the synthetic process is simple, the condition is easy to control, the product is uniform, and a coating film is rich in elasticity, high in brightness, good in adhesive force and light in color; and the phenolic resin not only avoids toxicity of raw lacquer, but also overcomes the weaknesses such as poor weather resistance, poor acid and alkaline resistances, and poor durability, enlarges application range of the raw lacquer, and enables the raw lacquer to be widely applied to the fields such as buildings, decoration, furniture, petroleum and chemical engineering.