For improving the performance of urea-formaldehyde (UF) resin, modified low molar ratio UF resins were developed to improve water resistance properties and reduce the formaldehyde emission of its bonded products. The effects of modifier feeding amount on the character of the cured resins were characterized by Fourier transform infrared spectroscopy (FTIR) measurement. The viscosity, pH value, solid content, free formaldehyde content, pot time, and curing time of the UF resins were also tested according to Chinese National Standards methods. The results show that the modified 1.00 molar ratio UF resins show lower free formaldehyde content and higher boiling-water-resistance comparing with unmodified ones. The boiling-water-resistant bonding strength of poplar plywood bonded with modified UF resin at 140 °C hot-press temperature can reach type I grade (100 °C water bath 3h) plywood requirement and the formaldehyde emission can meet the E0 grade plywood need.