There is disclosed a bio-based artificial leather composition, which includes a base layer having a first polymerized epoxidized vegetable oil. The composition also includes a foam layer attached to the base layer and having a second polymerized epoxidized vegetable oil. The bio-based artificial leather also includes a fabric layer attached to the foam layer. There is also disclosed a method of preparing a bio-based artificial leather composition including the step of providing a first epoxidized vegetable oil and polymerizing the epoxidized vegetable oil to form a base layer. The method also includes the step of providing a second epoxidized vegetable oil and curing the second epoxidized vegetable oil with an anhydride and foaming agent to form a foam layer. The base layer is attached to the foam layer. A fabric layer is attached to the foam layer.