Thermoplastic polyimide (TPI) was synthesized via a traditional one-step method using 2,3,3′,4′-biphenyltetracarboxylic dianhydride (3,4′-BPDA), 4,4′-oxydianiline (4,4′-ODA), and 2,2′-bis(trifluoromethyl)benzidine (TFMB) as the monomers. A series of semi-interpenetrating polymer networks (semi-IPNs) were produced by dissolving TPI in bisphenol A dicyanate (BADCy), followed by curing at elevated temperatures. The curing reactions of BADCy were accelerated by TPI in the blends, reflected by lower curing temperatures and shorter gelation time determined by differential scanning calorimetry (DSC) and rheological measurements. As evidenced by scanning electron microscopy (SEM) images, phase separation occurred and continuous TPI phases were formed in semi-IPNs with a TPI content of 15% and 20%. The properties of semi-IPNs were systematically investigated according to their glass transition temperatures (Tg), thermo-oxidative stability, and dielectric and mechanical properties. The results revealed that these semi-IPNs possessed improved mechanical and dielectric properties compared with pure polycyanurate. Notably, the impact strength of semi-IPNs was 47%–320% greater than that of polycyanurate. Meanwhile, semi-IPNs maintained comparable or even slightly higher thermal resistance in comparison with polycyanurate. The favorable processability and material properties make TPI/BADCy blends promising matrix resins for high-performance composites and adhesives.