The invention relates to a fabrication method for a phenolic resin used for a paper copper cladded laminate. The phenolic resin is prepared from bisphenol A, epoxidized soybean oil, cardanol and phenol, formaldehyde and corresponding catalysts, and no tung oil is used for preparing the phenolic resin, thereby enabling cost for materials to be greatly reduced. The paper copper cladded laminate prepared from the phenolic resin provided in the invention has the advantages of good flexibility, low water absorption, a high electrical insulating property after wetted, low manufacture cost, etc.