Environmental concerns and the need for sustainable industrial practices have sparked the search for alternative materials that offer a lower impact on the environment. Over the course of the past few decades, numerous bio‐based polymers have been developed from natural resources. Among the materials, bio‐based thermosets are of particular interest due to their increased thermal stability in comparison to thermoplastics. This review covers recent advancements made in the field of bio‐based thermosets, with a special focus devoted to resins prepared from vegetable oils, natural phenolic compounds and a selection of other thermosetting systems developed recently based on either the polymerization of multifunctional monomers or the crosslinking of linear systems. This review article concludes with a critical perspective on the environmental implications of bio‐based thermosets. © 2020 Society of Industrial Chemistry