Soybean protein hydrolysate, melamine, urea, and concentrated formaldehyde were used to synthesize an environmentally friendly soybean protein-melamine-urea-formaldehyde (SMUF) co-condensation resin. (NH4)2SO4, (NH4)2HPO4, (NH4)2HPO4 + (NH4)2SO4, (NH4)2HPO4 + (NH4)2S2O8, and (NH4)2HPO4 + (NH4)2SO4 + (NH4)2S2O8 were employed as curing agents for SMUF resin. The curing and thermal behaviors of the SMUF resin were investigated using differential scanning calorimetry (DSC), thermogravimetric analysis (TGA), and scanning electron microscopy (SEM). The results revealed the following: (1) (NH4)2SO4 alone could not cure the SMUF resin completely; thus, the final shear strength accomplished plywood with the resin was low, and its water resistance was poor, while the adhesive section was loose and porous/brittle after curing. (2) (NH4)2HPO4 could be hydrolyzed to generate H+ and promote SMUF curing, but it could also form polyphosphoric acids, resulting in crosslinking reactions with SMUF in parallel; thereby, the curing properties were improved. (3) When (NH4)2HPO4 + (NH4)2SO4 + (NH4)2S2O8 were engaged collectively as curing agent, the shear strength, water resistance, and heat resistance of SMUF attained were the best possible whereas the curing temperature was decreased and the heat released by curing was elevated substantially, which signifies maximized extent of crosslinking was achieved. Further, the adhesive section exhibited mostly a crosslinking intertexture as demonstrated by means of SEM. Accordingly, this study may serve as a guide for the curing of amino resins, with low-molar ratio of formaldehyde to amine in adhesives, which are applied to plywood production.