In order to develop phenolic epoxy based film forming material with high heat resistance, it could meet the requirements of heat resistance of fire retardant coatings. Phenolic epoxy emulsion was prepared by phase inversion technique, and the effects of emulsifier type, emulsifier dosage, and co-solvent dosage on the properties of emulsion were discussed by orthogonal experimental range analysis method. The heat resistance and fire resistance of the cured film were studied by DSC, TG and MCC. The results showed that the phenolic epoxy emulsion was prepared with the emulsifier of 6% hydroxyl group and epoxy group material ratio of 1∶1 and 6% cosolvent, the average particle size was 900 nm, the distribution was uniform and the stability was good. The glass transition temperature of phenolic epoxy emulsion was 98. 78 ℃, and the carbon residue rate was 17. 7% at 800 ℃, both of them were significantly higher than those prepared by ordinary bisphenol A epoxy emulsion. The heat release rate of phenolic epoxy film during combustion was lower than that of ordinary bisphenol A epoxy film, which had the advantages of being suitable for fire retardant coatings.