A photocurable and thermosetting resin composition comprising (A) a photosensitive prepolymer having a carboxyl group in combination with at least two ethylenically unsaturated double bonds in its molecule, (B) a polymerization initiator, (C) a diluent, (D) an oxetane compound having at least two oxetanyl groups in its molecule, and (E) a curing promotor is developable with an alkaline solution and can be formulated as a one package preparation. Such a photocurable and thermosetting resin composition and a photosensitive dry film prepared by the use thereof are useful as various resist materials and electrical insulating materials, particularly as solder resists for printed circuit boards, interlaminar insulating materials for build-up multi-layer printed circuit boards, and the like.