This study aims to prepare oil-modified alkyd resins using a linseed oil/canola oil (LO/CO) blend and waste PET depolymerization product, suitable for environmentally friendly coating applications. Waste PET flakes obtained from grinding post-consumer water bottles were depolymerized by the aminoglycolysis reaction at high pressure. Raw depolymerization product (DP) was used in the synthesis of four components, 50% oil alkyd resins by monoglyceride method. DP has partly replaced the dibasic acid component in the PET-based alkyd formulations. Besides PET-based alkyds, reference alkyds without DP were also synthesized for comparison. Then, the surface coating properties and thermal behaviors of alkyd films were determined. The effect of DP usage and the changing ratios of LO/CO blend on coating properties and thermal behaviors of alkyd films were investigated. In addition, the optimum LO/CO blend ratio which is compatible with alkyd formulation was attempted to be determined. At the end of this study, glossy, soft/medium-hard films were obtained with excellent adhesion, impact strength, and chemical resistance. Thermal resistance and final thermal oxidative degradation temperature increased with adding DP to the alkyd formulation. Using LO/CO blend in the formulations affected oxidation rate and ratio, hence, drying time/degree and oxidative stability of alkyd films.