This paper describes the use of microcrystalline cellulose (MCC) as an additive in wood-polylactic acid (PLA) filaments suitable for 3D printing. Filaments prepared with PLA, thermally modified (TM) wood, and three different MCC loadings (1, 3, and 5 wt%) by two-step melt blending in the extruder were characterized with respect to their rheological, thermal, and mechanical response. The analyses demonstrate that a low MCC content (1%) improves the mobility of the polymer chains and contributes to a higher elasticity of the matrix chain, a higher crystallinity, a lower glass transition temperature (by 1.66 °C), and a lower melting temperature (by 1.31 °C) and leads to a higher tensile strength (1.2%) and a higher modulus of elasticity (12.1%). Higher MCC loading hinders the mobility of the polymer matrix and leads to a rearrangement of the crystal lattice structure, resulting in a decrease in crystallinity. Scanning electron micrographs show that the cellulose is well distributed and dispersed in the PLA matrix, with some agglomeration occurring at higher MCC levels. The main objective of this study was to develop and evaluate a filament containing an optimal amount of MCC to improve compatibility between wood and PLA, optimize melt processability, and improve mechanical properties. It can be concluded that a 1% addition of MCC favorably changes the properties of the wood–PLA filaments, while a higher MCC content does not have this effect.