Two commercially available cardanol based epoxy resins, NC514 which is a bis-phenol type diepoxy resin and LITE2513HP which is a cardanol based mono-epoxy resins were subjected to esterification reaction via methacrylic acid together with a commercially available epoxy resin DGEBA (EPON 828). Methacrylated NC514 resin (NC514VE) was used as the cross-linker unit and methacrylated LITE2513HP (LITEVE) was used as the reactive diluent in both conventional DGEBAVE and cardanol based NC514VE resin at changing concentrations. For comparison, resin formulations of NC514VE using styrene as the reactive diluent with changing concentrations were also prepared. The methacrylated products were characterized via 1H-NMR spectroscopy and acid number titrations. The viscosities of liquid resin formulations were tested at 30°C and the thermomechanical properties were evaluated via Dynamic Mechanical Analysis (DMA) and mechanical properties were determined via tensile tests. The effect of diluent content on some important properties such as viscosity, glass transition temperature (Tg), and tensile modulus (G') were also evaluated.