Thermal characteristics of biodiesels are useful in system design, modeling, and operation. Such investigations are extensively being carried out in combustors, engine, and process industries. This article examines the thermal characteristics of jatropha (Jatropha curcas), honge (Pongamia pinnata), and their equal mixing from thermogravitometry and differential scanning calorimetry (TG‐DSC) curves for the specific 10°C/min heating rate under atmospheric air. Fuel properties are measured following ASTM standards to compare with diesel properties. Each experiment was repeated three times, and the properties showed insignificant scatter. The average properties of the repeated tests are presented. Two phases of decomposition were observed for diesel, whereas three (viz., devolatilization of aqueous fractions, combustion of methyl esters, and combustion of carbonaceous residues) in biodiesels. Jatropha oil methyl ester (JOME) is thermally stable compared to honge oil methyl ester (HOME). Mixed biodiesel (JOME+HOME) is prone to oxidation due to the high content of oleic and linoleic acids. Recorded onset and offset temperatures of mixed biodiesel are low compared to pure biodiesel. Mixed biodiesel exhibited high volatility resembling diesel characteristics. It exhibited an enthalpy of 240 J/g, whereas the enthalpy of diesel, jatropha, and honge exhibited enthalpies of 130, 321, and 570 J/g, respectively. The combustion index (S) of diesel, jatropha, honge, and mixed biodiesel was 41.6, 82.8, 77.74, and 64.6, respectively. Mixed biodiesel reduces the intensity of combustion (Hf), promising better combustion characteristics. Thus, mixed biodiesel shows the potential of an efficient alternative energy source.