2- [4-(2-hydroxyphenyl)tricyclo[5.2.1.0(2,6)]dec-8-yl]phenol (HPTCDP) were prepared from dicyclopentadiene (DCPD) and phenol via Friedel-Crafts alkylation. DCPD-containing phenolic resin (DPR) was also synthesized by incorporating the DCPD-containing monomer HPTCDP with formaldehyde. DPR was further modified by grafting the phosphate group. The phosphorylation was confirmed by a Fourier transform infrared, P-31-NMR spectroscopy, and an element analysis. The phosphorus content in the DPR could be successfully tailored to give values of 3.46 to 7.79 wt % by varying the feeding ratios of the phosphorus group. The thermal stabilities of the phosphorus-containing polymers were identified by differential scanning calorimeter and thermogravimetric analysis. The glass transition temperature values were decreased as the content of phosphorus increased. High char yield 39-47 wt % in thermogravimetric analysis evaluation and limiting oxygen index values of 27 to 34 were found for all the phosphorylated phenolic resins. Such properties make these polymers highly promising for flame-retardant applications.