Renewable resources such as isosorbide and dimer acid were used to prepare fully biobased polyester polyols and polyurethane (PU) coatings. The structural features of polyester polyols were studied by end‐group analysis and spectroscopic methods. Then polyols were utilized in the preparation of PU coatings by reacting with diisocyanate. The prepared PU coatings were tested for both mechanical and chemical testings, which involved gloss, cross‐cut adhesion, pencil hardness, anticorrosion performance by immersion and Tafel plot methods, and chemical resistance against water, solvent, and acid media. The prepared PUs were also tested for their thermal stability using a thermogravimetric analyzer and surface morphology by a scanning electron microscopy. Tested mechanical properties, chemical resistance, and thermal stability results demonstrated that the renewable sources used in the preparation of PU coatings can be good substitutes over petroleum resources. © 2019 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2019, 136, 47558.