PURPOSE: To provide a method for producing the subject resin capable of providing a composition having tough characteristics when used as a base resin for a phenolic resin molding material or a phenolic resin laminated sheet or a curing agent for an epoxy resin molding material or an epoxy resin powder coating.

CONSTITUTION: This method for producing a phenolic alloy resin capable of dynamically crosslinking a rubber part comprises blending 100 pts.wt. resin composition prepared by blending 99-50 pts.wt. novolak type phenolic resin (a) with 1-50 pts.wt. rubber (b) having unsaturated double bond in the molecule and 0.01-10 pts.wt. organic peroxide (c) with 0.1-10 pts.wt. compatibilizing agent and 1-25 pts.wt. fine silicic acid particles and melt kneading the resultant blend.