Motivated by the growing demand for greener and sustainable polymer systems, self‐healing elastomers were prepared by emulsion polymerization of terpene and furfural‐based monomers. Both the method and the monomers were green and sustainable. The synthesized copolymers showed molecular weights between 59,080 and 84,210 Da and glass‐transition temperature (Tg) between −25 and −40 °C, implying rubbery properties. A set of one‐dimensional (1D) and two‐dimensional (2D) NMR spectroscopy supported the formation of the copolymer and nuclear spin–spin coupling in the copolymer. Reactivity ratios were determined by conventional linear method. A thermoreversible network was achieved for the first time by reacting the furan‐based polymer with bismaleimide (BM) as a crosslinker, via a Diels−Alder (DA) coupling reaction. The reversible nature of the polymer network was evidenced from infrared and NMR spectroscopy. The thermoreversible character of the DA crosslinked adduct was confirmed by applying retro‐DA reaction (observed in differential scanning calorimeter [DSC] analysis) and mechanical recovery was verified by repeated heating and cooling cycles. The network polymers displayed excellent self‐healing ability, triggered by heating at 130 °C for 4–12 h, when their scratched surface was screened by microscopic visualization. The healing efficiency of the crosslinked DA‐adduct was calculated as 78%, using atomic force microscopy. This work provides a green and efficient approach to prepare new green and functional materials. © 2019 Wiley Periodicals, Inc. J. Polym. Sci., Part A: Polym. Chem. 2019, 57, 738–751