Phenolic resins bearing varying concentrations of phenyl maleimide functions were synthesized by copolymerizing phenol with N-(4-hydroxyphenyl)maleimide (HPM) and formaldehyde in the presence of an acid catalyst. The resins underwent a two-stage curing, through condensation of methylol groups and addition polymerization of maleimide groups. The cure characterization of the resin by dynamic mechanical analysis confirmed the two-stage cure and the dominance of maleimide polymerization over methylol condensation in the network buildup process. The kinetics of both cure reactions, studied by the Rogers method, substantiated the earlier proposed cure mechanism for each stage. Although the initial decomposition temperature of the cured resin was not significantly improved, enhancing the crosslink density through HPM improved thermal stability of the material in a higher temperature regime. The anaerobic char yield also increased proportional to the maleimide content. Isothermal pyrolysis and analysis of the char confirmed that pyrolysis occurs by loss of hydrocarbon and nitrogenous products. The resins serve as effective matrices in silica- and glass fabric-reinforced composites whose mechanical properties are optimum for moderately crosslinked resins, in which failure occurs through a combination of fiber debonding and resin fracture.