Polyols are widely synthesized from fossil sources and applied in multiple sectors of the industry as raw material for polyurethane production and also as lubricants. Although the preparation method normally used is efficient and practical, it is necessary to develop environmentally friendly synthesis route that reduce pollution. This study focuses on an alternative synthetic route for the synthesis of polyols using only raw materials from renewable sources. Polyols were successfully obtained by modifying castor oil and epoxidized soybean oil through transesterification, transamidation and oxirane ring opening. The polyols were then characterized by Fourier transform infrared spectroscopy (FTIR), nuclear magnetic resonance (1H and 13C‐NMR), acidity index (AI), thermogravimetry (TGA), differential scanning calorimetry (DSC), size exclusion chromatography (SEC), dynamic viscosity and exploratory scanning of ecotoxicological parameters using Artemia salina. The results highlight the promising potential of transamidated castor oil (TACO) polyol in the field of biolubricants, attributed to its high viscosity index, oxidative stability and, ecofriendly behavior.