As a new type of thermosetting resin, polybenzoxazine resin (PBz) has the advantages of flexible molecular design, excellent thermal stability, and mechanical properties. It has application potential in many fields such as aerospace, hydrophobic flame retardant, anti‐corrosion, antibacterial, and electronic communication. Unlike traditional thermosetting resins, PBz can be made with natural renewable resources in addition to petrochemical raw materials. At present, PBz has synthesized monomers from renewable resources and made breakthroughs in raw material sources and performance improvement. In this work, the preparation methods and research progress of bio‐based benzoxazine (BOZ) with different phenol sources and amine sources in the past 10 years are reviewed. The existing shortcomings and improvement methods of PBz functional materials are analyzed, and the future research direction of bio‐based PBz is prospected.