Corn bran (CB) was liquefied in the presence of phenol at high temperature (200 degrees C) under high pressure (>1 atm) and the obtained liquefied products were reacted with formaldehyde to get phenolated CB/phenol/formaldehyde resins with excellent yields. The properties of the cocondensed resins were examined and compared with the liquefied products before the cocondensation. Little difference was observed in thermofluidity before and after the cocondensation, whereas the thermosetting properties and the flexural properties of the molded products were enhanced. These properties were comparable with those of liquefied resins from corn starch (CS) and those of commercial novolak resin. Moreover, no significant differences were found in the properties of the liquefied products and the thermosetting resins therefrom after removal of the solid residue and neutralization salt. It became apparent that the condensation reactions between formaldehyde and the unreacted phenol in the liquefied products enhance the physical properties of the liquefied products from CB, making possible the total utilization of the liquefied products.