The oil-tea cake, as the major byproduct of tea oil production, was used with phenol-formaldehyde (PF) resin to prepare a mixed interior plywood panel adhesive (TC-PF adhesive). The optimum formulation of this adhesive and the optimum hot-press conditions for making plywood panels were investigated in this work. The results showed that wet shear strength value of TC-PF adhesives increased when the addition level of PF resin increased. TC-PF adhesive with 50% PF resin addition had a relatively low cost, and moreover pass the bonding strength requirement of China Industry Standard for interior plywood panels. Hot-press temperature and hot-press time had obvious influence on bonding performances of plywood panels. When the hot-press temperature was in the range of 140°C-160°C, the wet shear strength value of panels bonded with the adhesives passed the China Industry Standard requirement. At 3-5min of hot-press time, the plywood panels had satisfactory wet shear strength.