For developing high bonding strength and environmental-friendly wood composites, a soybean/PF resin based (SP) adhesive was investigated and applied in the manufacture of plywood. Formula of the adhesive, the thermal behavior of the adhesive, and the optimum technical parameters of the plywood manufacture were investigated. The bonding strength and formaldehyde emission of plywood bonding by the adhesive were tested according to Chinese Standards methods. The result shows: the optimum formula of SP adhesive was: soy-based adhesive was 70%, PF resin was 30%; the optimum technical parameters of the plywood manufacture were: hot-pressing temperature was 160 °C, hot-pressing time was 80 s/mm, pressure intensity was 1.2 MPa, and glue content was 160 g /m2; Properties of plywood made under the optimum technical parameters were: the bonding strength was 1.30 MPa, the formaldehyde emission was 0.32 mg/L. It completely meets the type Ⅰ plywood requirement and level E0 of formaldehyde emission.