Disclosed is a phosphorous containing phenol novolac resin, having a structure as below: In the above formula, Z is selected from — or —CH2—. Each Y is independently selected from —, —CH2—, —C(CH3)2—, —S—, —SO2—, —O—, —CO—, or —N═N—. Each X is independently selected from a hydrogen or phosphorous containing group, wherein the hydrogen and phosphorous containing group have a molar ratio of 1:0.1 to 0.1:1. Each R1 is independently selected from a hydrogen or C1-5 alkyl group. Each R2 is independently selected from a C1-5 alkyl group. m is an integer of 1 to 10, and n is 0 or 1.