Bio-based epoxy resin materials have obtained significant attention in the packaging industry due to concerns about the environmental and economic impacts of traditional petroleum-based plastics. The aim of this research is to improve bio-based resins' properties by investigating varying formic acid contents in the presence of a green catalyst and characterizing their physical, chemical, and mechanical properties for further scaled-up bio-based resin production for industrial packaging applications. The crude soybean oil was epoxidized with formic acid as an oxidizing agent at varying equivalent weights of 10:1 to 10:10 of soybean oil: formic acid in the presence of hydrogen peroxide and choline chloride-oxalic acid as a bi-functional green catalyst. The effect of increasing the amount of formic acid used to epoxidize crude soybean oil was evaluated with infrared (IR) spectroscopy, rheological, and epoxy yield measurements. The results demonstrated that formic acid significantly influenced the epoxidation of soybean oil, leading to a higher conversion of carbon-carbon double bonds, with a selectivity of 98% when the ratio of soybean oil to formic acid was between 10:5 and 10:10. The bio-resin film was formulated using the improved epoxidized soybean oils-from ESO (10:2.5) to ESO (10:10)-and equal amounts of acrylic acid. The results showed that resin films led to an improvement in tensile strength (ca. 180 MPa) and thermal stability at 360 °C. Although further research is necessary, this study provides valuable insights for designing an effective epoxidation process for renewable sources and developing bio-resin materials for future packaging applications.