A tung-oil-derived renewable plasticizer, tung-maleic triglycidyl esters (TMTE), was prepared and incorporated into poly(vinyl chloride) (PVC) for the first time. The chemical structure was studied by Fourier transform infrared (FTIR), 1 H nuclear magnetic resonance (NMR), and 13 C NMR. The plasticizing effects of TMTE replacement of dioctyl phthalate (DOP) in soft PVC films were researched. Thermal stability, thermal degradation performance, dynamic mechanical property, and mechanical properties of pure PVC and PVC films were investigated with thermogravimetric analysis (TGA), TGA-FTIR, TGA-mass spectrometry, dynamic mechanical analysis, and mechanical test. The results showed that PVC films plasticized with the TMTE exhibited increased thermal stability, plasticizing effect, compatibility, and flexibility. When 30 phr (parts per hundred parts of resin) DOP was substituted with TMTE in PVC blends, glass transition temperature (T g ) dropped from 41.46 to 40.18 °C, the initial decomposition temperature (T i ), 10% and 50% mass loss temperatures (T 10 and T 50 ), had maximum increases of 8.0, 20.0, and 27.5 °C, respectively. The interaction between TMTE and PVC molecule was also discussed. Furthermore, the extraction, exudation, and volatility resistance of plasticizers were carried out and analyzed by solubility parameters, the results of which revealed the migration stabilities of PVC films were promoted with the increasing amount of TMTE.