In this paper, modified resol phenolic resin (MPR) and its glass fabric prepreg (MPR/GF prepreg) were fabricated via a hot melt preimpregnated method. To optimize the curing schedule in curing completion, safe processing window, and storage stability conditions, time‐temperature‐transformation diagram dynamic rheological behavior of MPR was established based on such phenomenological changes as viscosity, gelation, and vitrification. The curing behavior of MPR/GF prepreg was further clarified using online monitored dynamic mechanical analysis. At last, thermogravimetric analysis and dynamic mechanical analysis tests were conducted to evaluate the thermomechanical properties of MPR/GF composite. The excellent thermomechanical performance of MPR/GF composite suggests the important role of time‐temperature‐transformation diagram in optimizing the curing cycle and the overall dynamic mechanical properties of the composite.