Phthalonitrile resin exhibits excellent mechanical properties, high temperature resistance, and flame retardancy, and is widely used in various fields, such as aerospace, petrochemical, electronic packaging, etc. However, traditional phthalonitrile monomers have some disadvantages, such as high curing temperature, narrow processing window and slow curing speed, which seriously limit their application. Catalysts can make up for the above shortcomings, but the catalytic mechanism and properties of the generated phthalonitrile resin are different. This article mainly reviewed the polymerization mechanism of phthalonitrile monomers catalyzed with amino, imino, hydroxyl/thiol, and free radicals, as well as the research on the performance of phthalonitrile resin. Moreover, the influence of the structure of phthalonitrile resin on its performance was analyzed. Finally, the development trend of phthalonitrile resin was further prospected.