The invention discloses styrene modified alkyd resin which comprises the following raw materials in percentage by weight: 12-30% of styrene, 8-16% of xylene, 24-35% of trimethylbenzene, 14-19% of soybean oil, 1.5-1.8% of a toughening agent, 1-5% of tung oil, 7-9% of phthalic anhydride, 1-4% of pentaerythritol, 1-3% of epoxy resin, 1-3% of benzoic acid, 1-5% of maleic anhydride, 1.5-2% of grease leftovers, 0.01-0.03% of a catalyst, and 1-3% of an initiator. The invention further discloses alkyd resin paint containing the styrene modified alkyd resin. The alkyd resin paint comprises the following components in percentage by weight: 70-99% of the styrene modified alkyd resin disclosed by the invention, 0-30% of pigment and 0.2-1.5% of an additive. The styrene modified alkyd resin disclosed by the invention is simple in preparation method, due to copolymerization reaction of styrene, unsaturated fatty acid and maleic anhydride, the modified alkyd resin has the characteristics of high hardness and rapid dryness, when the modified alkyd resin is used in alkyd resin paint, the defects that the conventional alkyd resin paint is long in construction period, low in working efficiency and poor in water resistance are overcome.