This review presents recent research advances in defining the curing and thermal characteristics, mechanical properties and appropriate processing techniques of thermoset resin derived from vegetable oils. Vegetable oil is the latest alternative found to replace the dependence on petroleum-based synthetic resin. Petroleum based resin reinforced with synthetic fiber composite is unbiodegradable, cannot be reused and recycled. Thus, it is very valuable to replace the dependance petroleum based resin to renewable source which contributes to green environment. However, biocomposites synthesized from vegetable oil-based resin matrix, reinforced with natural fiber, have some limitations. The properties are differentiated based on the type of vegetable oil. Modifying the fatty acid chain and applying nanoclay in composites as filler, helps to improve some properties due to the addition of vegetable oil in the resin system. Within this contribution, special emphasis was placed on a broad-brush approach over the potential opportunities concerning the use of renewable feedstock, such as modification of soybean oil, linseed oil, and nahar oil in thermoset resin. This review is focusing on investigating the approaches that have been proposed to produce bioresin and bio-based nanocomposites.