High ablation-resistant silicone rubber composites exhibit significant potential for solid rocket engine ablation coating applications. However, the low char yield of silicone rubber restricts its real-world usage. Herein, silicone rubber with nanoscale dispersed Novolac-type phenolic resin particles (novolac-silicone rubber, NSR) is synthesized. The introduction of dynamic urethane bonds is crucial for achieving nanoscale dispersion of the phenolic resin, as it leads to both improved mechanical strength and enhanced char yield. In addition, the NSR-based composite materials demonstrate linear and mass ablation rates of 0.1440 mm/s and 0.0466 g/s, respectively, representing reductions of 44.19 % and 17.81 % compared with their conventional silicone rubber counterparts. Moreover, unlike the traditional physical blending approach, the nanoscale dispersion in this work is achieved by introducing a dihydroxypropyl-terminated silicone oil-novolac phenolic resin block copolymer to the silicone rubber matrix. The enhanced structural compatibility is proven to be pivotal for the improved performance of NSR. This work provides new routes for the synergistic improvement of the ablation resistance and mechanical properties of silicone rubber composites.