Linseed oil was epoxidized in situ with perbenzoic or peracetic acid to produce epoxidized linseed oil (I). Effect of type and concentration of the peracid and the reaction time on the characteristics of the produced epoxidized oil were studied. Various epoxidized polyurethanes (II) with different NCO/OH ratios as well as epoxidized polyesters (III) were prepared from (I). The results obtained for the evaluation of resins (II) and (III) show promising applicability as petroleum pipeline coatings.