A novel series of polyarylene ether nitrile (PEN) random copolymers with a higher Tg and better mechanical and electrical properties were synthesized through nucleophilic substitution polycondensation. In the means of adjusting mole ratio of 4,4′-dihydroxybiphenyl (BP) to 2,7-naphthalenediol (ND), the performance of PEN random copolymer could be controlled. The FTIR, SEM, DSC, TGA, AR, intrinsic viscosity, and electrical and mechanical properties were performed on the samples. All the samples exhibited excellent thermal performance with Tg over 210°C, Td5% over 520°C, and heat conduction higher than 0.4 W/m·k. The PEN copolymers when the molar ratio of ND was 15% had the best comprehensive performances, whose Tg was 215°C, Td5% was up to 554.31°C, thermal conductivity was 0.4430 W/m·k, tensile strength was 113.27 MPa, and stable dielectric constant (at frequency from 103 Hz to 106 Hz) was lower than 4. As a result, this PEN copolymer obtained in this paper could provide practical value and possibility in further application in the filed including machine manufacture industry, electronic materials, and automotive industry.