A series of interpenetrating polymer networks (IPNs) with different compositions were prepared from silylated oligomerized soybean oil and silanol‐terminated polydimethylsiloxane. Oligomerization of soybean oil was achieved by heating it with a catalyst in a Parr reactor at elevated temperatures. Vinyltrimethoxysilane was then grafted onto the oligomerized oil. Crosslinked films were obtained from solutions as the silanol groups between the two immiscible components condensed to form stable siloxanes linkages resulting in an entangled network characterized by microphase separation typical to IPNs. The crosslink density between the dispersed phase and the continuous phase was calculated from the average particle size of the dispersed phase. The mechanical and thermal properties were also studied and were found to be directly related to the composition and the crosslink density. These IPN resins can be used as high release liners, low friction materials, soft‐feel coatings or as convenient one‐package protective coatings. © 2014 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2015, 132, 41709.