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In this study, a series of biobased polyols were prepared from olive, canola, grape seed, linseed, and castor oil using a novel, solvent/catalyst-free synthetic method. The biobased triglyceride oils were first oxidized into epoxidized vegetable oils with formic acid and hydrogen peroxide, followed by ring-opening reaction with castor oil fatty acid. The molecular structures of the polyols and the resulting polyurethane were characterized. The effects of cross-linking density and the structures of polyols on the thermal, mechanical, and shape memory properties of the polyurethanes were also investigated.