Application of anticorrosive coating on metal surface enhances the durability of the metal. Anticorrosion can be achieved by the incorporation of conducting nanomaterials like polyaniline or its nanohybrid to a coating material. Thus, bio‐based epoxy nanocomposites were fabricated by the in situ method using polyaniline nanofiber‐carbon dot nanohybrid (0.50 and 1 wt % with respect to epoxy), as the anticorrosive material. The epoxy resin was obtained by polycondensation of bisphenol‐A, sorbitol, and monoglyceride of castor oil (mole ratio of 16:3:1), as hydroxyl compounds with epichlorohydrin (1:3 equivalent, hydroxyl:epichlorohydrin). The morphological analyses of the nanocomposites revealed the uniform dispersion and good compatibility of the nanohybrid in the epoxy matrix. The thermosets demonstrated good tensile strength (30 MPa), elongation at break (45%), scratch resistance (>10 kg) and impact resistance (14.75 kJ/m), good thermal stability (above 250°C), and chemical resistance. The anticorrosion study of the nanocomposites showed excellent corrosion protection efficiency (corrosion rate: 5.68 × 10−3 mils per year) in 3.5 wt % NaCl compared to the pristine epoxy system. Therefore, this bio‐based thermosetting epoxy nanocomposite was demonstrated as efficient anticorrosive material. © 2019 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2019, 136, 47744.