Plywood production relies on phenol–formaldehyde (PF), which is why bio-based wood adhesives (BBWAs) were developed as potential replacements, showing promising results in several tests performed. A control sample (PLY-C) with PF and two samples (PLY-1 and PLY-2) with BBWA were manufactured, on which physical and mechanical properties, adhesive bonding morphology, formaldehyde emissions, and accelerated UV aging were evaluated. The adhesive penetration results, into the wood cells, were according to the viscosity of each adhesive. About the mechanical properties, the sample PLY-2 presented the same MOE and tensile strength as the sample PLY-C and reached 87% of the sample PLY-C MOR in the parallel direction. On the other hand, the sample PLY-1 presented the same behavior in the Janka hardness test as the sample PLY-C. All the samples subjected to shear strength tests met the requirement, and the samples PLY-1 and PLY-2 reached 68% and 80% of the PLY-C sample, respectively. The samples manufactured with BBWA presented a decrease in formaldehyde emissions by 88% and they were less susceptible to color change than the control sample under UV aging. According to the results obtained, it is concluded that plywood manufactured with BBWA might be a considerable replacement for plywood manufactured with PF adhesives at a laboratory scale.