This study explores the utilization of post-consumer poly(ethylene terephthalate) (PET) as a material in the synthesis of styrene-free unsaturated polyester (UP) resin. The process involves glycolysis of PET waste with diethylene glycol and condensation polymerization with bio-based itaconic acid. The resulting unsaturated polyester possesses reactive methylidene functions that, in contrast to commonly employed fumarates/maleates, facilitate copolymerization with non-styrene reactive diluents. To formulate the resins, methacrylates and itaconates were used for dilution, and the curing process is achieved through a redox initiation system at room temperature, followed by post-curing at elevated temperatures. The cured formulations were characterized by their glass transition temperature, determined by DMA analysis. Mechanical properties were evaluated using standardized tests in tension, flexure, and compression. Particularly promising characteristics are observed in formulations incorporating bio-based dimethyl itaconate (DMI), allowing the formulation of materials with a high ultimate flexural strength (σf,max = 161.4 MPa) and compressive yield point (σc,yield = 131.3 MPa). Furthermore, the low volatility of DMI addresses the health, safety, and ecological concerns associated with the commonly used styrene. This technology not only presents a promising avenue for sustainable UP resin for glass fiber reinforced composites but also allows upcycling PET waste.