The environmental moisture changes would result in the deformation and cracking of laminated bamboo lumber (LBL) easily due to the unreleased internal stress, leading to poor durability. In this study, a hydrophobic cross-linking polymer with low deformation was successfully fabricated and introduced in the LBL by polymerization and esterification to improve its dimensional stability. In an aqueous solution, the 2-hydroxyethyl methacrylate (HEMA) and Maleic anhydride (MAh) were employed as the base compounds for synthesizing the copolymer of 2-hydroxyethyl methacrylate and maleic acid (PHM). The hydrophobicity and swelling performance of the PHM was adjusted by controlling the reaction temperatures. PHM-modified LBL’s hydrophobicity as indicated by the contact angle, increased from 58.5° to 115.2°. The anti-swelling efficiency was also improved. Moreover, multiple characterizations were applied to clarify the structure of PHM and its bonding linkages in LBL. This study demonstrates an efficient avenue to facilitate the dimensional stability of LBL by PHM modification and sheds new light on the efficient utilization of LBL using a hydrophobic polymer with low deformation.