Phthalonitrile modified novolac (PNN) was synthesized in aim to develop a fast-curing resin for hot-pressing processing and characterized by NMR to confirm a full substitution of hydroxyl groups with phthalonitrile. PNN blended with high amounts (10–50 wt%) of the amine curing agents have been investigated by DSC, FT-IR spectroscopy and TGA, which revealed T5% = 420 °C. Curing times for the compositions were 4–16 min at 240 °C. The 50 min post-curing cycle for FRPs was selected based on DMA. Composites were fabricated via hot-pressing of prepregs including post-curing at 280 °C (providing Tg > 340 °C) in total of 60 min, which is the fastest curing cycle for thermosetting resins developed for applications up to 300 °C. Carbon and glass fabric reinforced polymers (CFRP and GFRP) were obtained by the developed program yielding integral composites with high mechanical properties and great heat resistance. Interlaminar shear strengths of the CFRP were up to 31 MPa and up to 70 MPa for GFRP. The latter which demonstrated retention of 75% of initial ILLS values after dwelling for 200 h at 300 °C. Thus, a new fast-processing phthalonitrile resin was developed for application in electric transport, aerospace and heat-resistant insulation.