Acetophenone-cyclohexanone-formaldehyde resin was synthesized by polycondensation of acetophenone,cyclohexanone and formaldehyde with NaOH as catalyzer.The effect of molar ratio of cyclohexanone to acetophenoneon,pre-reaction time and the feeding mode of formaldehyde on softening point and hydroxyl value of the resin was studied.The resin was characterized by FT-IR and ~1H-NMR.It was found that acetophenone-cyclohexanone-formaldehyde resin with softening point of 51.3℃ and hydroxyl value of 119.0 mg KOH/g was prepared when the molar ratio of formaldehyde to ketone was 1.3,the molar ratio of cyclohexanone to acetophenone was 1.0,amount of NaOH was 3.0wt%,pre-reaction time was 1.5 hours and formaldehyde was fed for one time.The FT-IR and ~1H-NMR results showed that the pre-reaction process was favourable for acetophenone to take part in the polycondensation.