Bio‐based high performance thermosetting resins have been urgently required by cutting‐edge fields for meeting sustainable development. A new kind of high performance thermosetting resins (BA‐n) with good processability, high thermal resistance, and mechanical properties was developed based on 4,4′‐bismaleimidodiphenylmethane (BDM) and renewable bis(5‐allyloxy)‐4‐methoxy‐2‐methylphenyl)methane (ABE) from bio‐based lignin derivative. The effect of the molar ratio of allyl to imide (n) on structures and properties of BA resins were systematically researched. BA‐n resins have much better processability, thermal, and mechanical properties than their petroleum‐based counterparts, 2,2′‐diallylbisphenol A‐modified BDM (BD‐n) resins. Compared with BD‐0.86, the best available bismaleimide (BMI) resin, BA‐0.86 not only has 6 h longer process window and 13.7 °C higher glass transition temperature, but also owns the highest flexural strength and modulus among all bio‐based allyl compound‐modified BMI resins reported. The origin behind these attractive performances of BA resins is revealed by discussing the unique crosslinked structure. © 2017 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2018, 135, 45947.