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Fast pyrolysis of pine wood was carried out to yield a liquid bio-oil mixture that was separated into organic and aqueous phases. The organic phase (ORG-bio-oil) was characterized by gas chromatography–mass spectroscopy, 31 P-nuclear magnetic resonance spectroscopy, and Fourier transform infrared (FTIR) spectroscopy. It was further used as a raw material for producing a mixture of biphenolic compounds (ORG-biphenol). ORG-bio-oil, ORG-biphenol, and bisphenol-A were reacted with cyanogen bromide to yield cyanate ester monomers. Cyanate esters were characterized using FTIR spectroscopy and were thermally cross-linked to develop thermoset materials. Thermomechanical properties of cross-linked cyanate esters were assessed using dynamic mechanical analysis and compared with those of cross-linked bisphenol-A-based cyanate ester. ORG-biphenol cyanate ester was observed to have a superior glass transition temperature (350–380°C) as compared to bisphenol-A cyanate ester (190–220°C). Cyanate esters derived from bio-oil have the potential to be a sustainable alternative to the bisphenol-A-derived analog.