In the present study, a novel aryl‐boron‐containing phenolic resin named as PBPR has been synthesized from phenol and formaldehyde in the presence of phenylboronic acid. The chemical structure of the PBPR was confirmed by Fourier transform infrared, nuclear magnetic resonance and X‐ray photoelectron spectroscopy. The molecular weight, viscosity and curing behavior were examined to demonstrate that PBPRs have better processability than common boric acid‐modified phenolic resin. The thermal stability and fracture toughness of the cured PBPRs were greatly enhanced, where the char yield at 1000°C (nitrogen atmosphere) and the glass transition temperature reached 70.0% and 218°C, respectively. The excellent mechanical and ablative properties of the PBPR composites may have benefited from the good interfacial adhesion between the resin matrix and the reinforced fiber. The flexural strength and the linear ablative rate are 436.8 ± 5.2 MPa and 0.010 mm/sec, respectively. This study opens a new window for the preparation of high‐performance ablative composites by designing a resin matrix containing an aryl‐boron backbone. Copyright © 2013 John Wiley & Sons, Ltd.