In this study, waterborne maleinized epoxidized soybean oil (WMESO) films were prepared and characterized in order to investigate their thermal properties, mechanical properties and surface morphology. A series of coating films were cured onto glass substrate. Differential Scanning Calorimetry (DSC) analysis showed that the coating films have glass transition temperature (Tg) ranging between 36-38 °C. Thermogravimetric analysis (TGA) revealed that waterborne films couls stand very high temperature up to 600 °C. W-2.0 was the best sample in terms of hardness. Film adhesion test showed that the adhesion between film and substrate was good. Higher initial water content gave films with better physical properties but poorer adhesion to substrate. Scanning Electron Microscopy (SEM) was used to visualize the surface morphology of film as well as the formation of resin. It was observed that, the particles were well dispersed and were crosslinked to each other.