The aim of this research was to evaluate the potential of magnesium lignosulfonate as adhesive in particleboard manufacturing. Diphenylmethane diisocyanate (PMDI) between 1% and 3% and glucose (1% of the lignosulfonate content) were added as potential cross-linkers in the adhesive formulations. Mixed beech and spruce wood, 30% beech wood and 70% spruce wood, were employed for the configuration of the panel structure. The density, mechanical properties and formaldehyde emission of single-layer particleboard were investigated. Spectroscopic analysis (FTIR) revealed structural changes brought by oxidation that may indicate depolymerization by the splitting of C-O-C bonds and formation of carbonyl groups. Mechanical properties were improved, and the highest average values were recorded for panels having as adhesives oxidized lignin with cross-linkers as follow: 15 N/mm2 (MOR), 3320 N/mm2 (MOE) and 0.48 N/mm2 (IB). The density profile presented higher values for faces in case of oxidized lignin panels. Changes were observed for oxidized lignin with cross-linker panels wherein the core had higher values. The results showed that the panels manufactured with adhesives composed of oxidized lignosulfonate (20% of the dried wood particles weight) and the addition of PMDI and glucose in various percentages have a positive influence on their formaldehyde release and mechanical properties requested by EN 312 (2004) standard.