Isocyanurate–oxazolidone (ISOX) polymers have been reported as a novel, intrinsically self‐healable thermoset, and their healing mechanism under the effect of nucleophiles, such as tertiary amines and pyridines during polymerization, is thoroughly investigated in this study. This work provides evidence that the healing behavior of the polymers results part from the transformation of isocyanurate to oxazolidone on the fracture surfaces of the ISOX polymers at elevated temperatures. The isocyanurate transformation is characterized by chemical composition of the ISOX polymers before and after a predetermined healing procedure, through a combination characterization of Fourier transform infrared spectroscopy and carbon nuclear magnetic resonance spectroscopy. From the chemical composition of the ISOX polymers, an increased oxazolidone fraction is observed after the healing event, which verifies the hypothesized healing mechanism. By correlating the change in oxazolidone fraction in the polymers during the healing event, with the corresponding healing performance of the polymers, healing efficiencies of the polymers are shown to be inversely proportional to the ratio of oxazolidone to isocyanurate in the polymers. The transformation to oxazolidone is also shown to be dependent on two variables, nucleophilicity of the polymerization catalyst and duration of the postcure. The isocyanate and epoxide polymerization mechanism in the presence of nucleophiles is also investigated to explain the effect of the catalyst nucleophilicity on the chemical composition as well as the healing performance of the ISOX polymers. © 2019 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2019, 137, 48698.