The waste brown-rotted wood was liquefied in phenol with phosphoric acid as a catalyst and the resulting liquefied products were condensed with formaldehyde to yield novolak liquefied wood-based phenol formaldehyde resin (LWF). The results showed that brown-rotted wood could be almost completely liquefied within 0.5 h at phenol to wood (P/W) ratio 2. An increase in P/W ratio from 2 to 3 slightly improved the flow property of LWF, but accompanied by decreasing the product yield from approximately 140 to 120 %. The increase of liquefaction time from 30 min to 60 min did not have a significant influence on the resulting LWF. The thermofluidity of LWF were compared to that of the commercial novolak PF resin, and could be used to make moldings with similar thermal property and mechanical properties to those obtained from the conventional novolak PF resin.