Non-drying oil-modified coating resin having acid value (10.8) was prepared from mahua oil (a non-drying oil), phthalic anhydride and glycerol. Crude mahua oil was obtained by crushing whole or decorticated seed in expeller. The experiment was started with investigating the optimum conditions for neutrilization of the crude oils. Non-drying oil modified coating resin was prepared by using alcoholysis method in excess of glycerol and phthalic anhydride in the presence of 0.1% (wt %) lead II oxide catalyst. Then, the properties (colour, acid number, hardness) of the prepared coating resin were characterized. The chemical resistances of coating resin were also determined.