Bamboo is a fast-growing plant with properties such as low cost, abundant resources, and good carbon sequestration effect. However, the swift growth of bamboo resources generates an immense quantity of processing waste, which is necessary to effectively utilize bamboo processing waste. The leftovers from bamboo processing can be reutilized by fast pyrolysis to prepare renewable bio-oil. In this study, bamboo bio-oil was partially substituted for phenol to synthesize phenolic resin with different substitution rates under the action of an alkaline catalyst, and then to serve as the adhesive to produce bamboo scrimber. Bamboo bundles were impregnated with synthetic bio-oil phenolic resin to create bamboo scrimber, which was subsequently hot-pressed. The research shows that modified phenolic resins with a bio-oil substitution rate of under 30% have good physical and chemical properties, while the free aldehyde content of phenolic resin with 40% bio-oil substitution exceeds the limit value (0.3%) specified in the Chinese National Standard. The thermal stability of phenolic resins was also increased after bio-oil modification, indicated by the movement of the TG curve to higher temperature ranges. It was found that the bamboo scrimber prepared with 20% BPF resin adhesive had the best comprehensive properties of a good mechanical strength, hydrophobicity, and mildew resistance, particularly with an elastic modulus of 9269 MPa and a static bending strength of 143 MPa. The microscopic morphology showed that the BPF resin was well impregnated into the interior of the bamboo bundle and had a compact bonding structure within the bamboo scrimber. The anti-mold performance experiment found that the bio-oil-modified resin increased the anti-mold level of the bamboo scrimber from slightly corrosion-resistant to strong corrosion-resistant. The conclusions obtained from this study have a good reference value for achieving the comprehensive utilization of bamboo, helping to promote the use of all components, reduce the production cost of bamboo scrimber, and improve its mildew resistance performance. This provides new ideas for the development of low-cost mildew resistant bamboo scrimber novel materials.