In this study, we modified melamine-formaldehyde (MF) resin adhesive with liquefied wood (LW) and determined the properties of MF-LW adhesive mixtures. Furthermore, we produced particleboards using prepared MF-LW mixtures and evaluated their mechanical and physical properties. Results showed that with increasing content of LW in the adhesive mixture gel time and peak temperature increased while reaction enthalpy decreased. With increasing substitution of MF resin adhesive with LW the thermal stability of adhesive mixture reduced, namely thermal degradation started at lower temperature and weight loss increased. Properties of particleboards improved with increasing amount of LW in the adhesive mixture up to 20% and then deteriorated. Nevertheless, the properties of particleboard with 30% LW in the adhesive mixture were comparable to the properties of particleboard without LW while they worsen at greater portion of LW. Consequently, MF resin adhesive with 30% LW substitution could be used to produce particleboards with suitable mechanical properties and reduced formaldehyde release content.