Bio-based coating materials were prepared from epoxidized soybean oil as a renewable source. Acetoacetylated soybean oil was synthesized by the ring-opened and transesterification reaction of epoxidized soybean oil, and its chemical structure was characterized by nuclear magnetic resonance (NMR), Fourier transform infrared spectroscopy (FTIR), gel permeation chromatography (GPC), and rheometric viscosity analyses. On the basis of acetoacetylated soybean oil, several bio-based coating materials were prepared using different aromatic dicarboxaldehydes (1,2-benzenedialdehyde, 1,3-benzenedialdehyde, 1,4-phthalaldehyde, 4,4′-biphenyldicarboxaldehyde) and characterized. The resulting films possess good performance, including the highest glass transition temperature of 54 °C, a Young’s modulus of 24.91 MPa, tensile strength of 5.65 MPa, and an elongation at break of 286%. Thus, this work demonstrates the Knoevenagel condensation reaction, which is based on soybean oil as a potential newer eco-friendly raw material.