A modified soybean-based adhesive with improved bonding properties and technological applicability but reduced cost was developed based on the effects of inorganic fillers on the performance of a defatted soybean meal flour (DSF) adhesive. Investigations with Fourier transform infrared spectroscopy, X-ray diffraction measurement, thermogravimetric analysis, scanning electron microscopy, rheology tests, zeta potential analysis, and plywood evaluation demonstrated that adding inorganic fillers could improve the technological applicability of the adhesive by alleviating shear thinning and decreasing the viscosity up to 71.2%, reduce the adhesive cost up to 9.5% and result in various effects on bonding properties. Two fillers, montmorillonoid and kaolin, were suitable for plywood for exterior use owing to significantly improved water resistance up to 58.9% resulting from penetration of DSF/crosslinker chains into the interlayers of the silicates via intercalation, stable chemical bonds between the fillers and crosslinker, and excellent compatibility between the filler particles and DSF adhesive.Recently, adhesives based on defatted soybean meal flour (DSF) are commonly composed of DSF and epichlorohydrin-modified polyamide (EMPA) solution (as either a crosslinker or a disperser); the two components are stored separately but mechanically blended at room temperature to formulate the adhesive immediately before use. According to the latest market costs (November, 2019) of the EMPA solution (approximately 370 USD/ton) and DSF (approximately 700 USD/ton), this DSF-based adhesive costs approximately 480 USD/ton, which is 29.7% more than adhesives containing the dominant urea-formaldehyde resin (approximately 370 USD/ton). The higher cost results in poor market competition, limiting wide application in wood composites.