To obtain the subject new compound that is useful as a starting material for resins for molding, adhesive, binder for coating, thermosetting resin, photosetting resin and the like.

This is a compound of formula I (R1 is H, methyl; R2 is a 15-17C alkyl or the like), typically the compound of formula II. The objective compound is prepared by catalytically hydrogenating an alkenylphenol of formula III (R' is a group shown by formula IV), typically cardanol over a catalyst of a metal in the group VIII in the periodic table as nickel or the like at 300°C at atmospheric pressure to 300 kg/cm2 to form hydrogenated cardanol of formula V, and by dehydration condensation between the hydrogenated cardanol with an unsaturated carboxylic acid or its derivative as methyl acrylate over an acid catalyst or an ester interchange catalyst.