The effects of using 100% larch bark (Larix decidua Mill) as a raw material for composite boards on the thermophysical properties of this innovative material were investigated in this study. Panels made of larch bark with 4–11 mm and 10–30 mm particle size, with ground bark oriented parallel and perpendicular to the panel’s plane at densities varying from 350 to 700 kg/m3 and bonded with urea-formaldehyde adhesive were analyzed for thermal conductivity, thermal resistivity and specific heat capacity. It was determined that there was a highly significant influence of bulk density on the thermal conductivity of all the panels. With an increase in the particle size, both parallel and perpendicular to the panel´s plane direction, the thermal conductivity also increased. The decrease of thermal diffusivity was a consequence of the increasing particle size, mostly in the parallel orientation of the bark particles due to the different pore structures. The specific heat capacity is not statistically significantly dependent on the density, particle size, glue amount and particle orientation.