In a previous study by the authors, particleboard was manufactured using a new natural adhesive composed of tannin and sucrose. The optimal ratio between tannin and sucrose was 25/75, and the suitable resin content was 30 to 40 wt%. In this study, the effects of hot pressing temperature and hot pressing time on board properties were investigated. The optimal values for the hot pressing temperature and hot pressing time were found to be 220 °C and 10 min, respectively. When the particleboard was made under these optimum conditions, the physical properties of the particleboard bonded with tannin and sucrose met the requirement of the JIS A 5908 type 18 standard (2003). Thermogravimetric analysis (TGA), differential scanning calorimetry (DSC), insoluble matter, and Fourier transform infrared spectroscopy (FT-IR) tests were carried out. The results of TGA and DSC measurements showed that the weight loss and endothermic reaction of the adhesive composed of tannin and sucrose at a ratio of 25/75 occurred at 204 and 215 °C, respectively. When the adhesive was heated at 220 °C for longer than 10 min, the level of insoluble matter was higher than 70 wt%. FT-IR analysis showed the existence of a furan ring, a carbonyl group, and dimethylene ether bridges in the cured adhesives before and after the boiling treatment. When the heating time was longer than 10 min, no further change of chemical structure was observed.