Traditional wood–polymer composite (WPC) based on the in situ polymerization of ethylene unsaturated monomers in the cellular cavity of wood is significant for the high-value-added utilization of low-quality wood. However, this type of WPC has the problems of volatile monomers, low conversion rates, odor residue, and poor compatibility between the polymer and wood interface, which hinder its promotion and application. In this study, a two-step process of cell wall bulking in combination with cell lumen filling was prepared to modify wood using Maleic anhydride (MAN) as the bulking agent and GMA-EGDMA (molar ratio 2:1) as the active monomer system. The results indicate that the modulus of rupture (MOR) (125.19 ± 8.41 MPa), compressive strength (116.38 ± 7.69 MPa), impact toughness (55.4 ± 2.95 KJ m−2), and hardness (6187 ± 273 N) of the bulking–filling wood composite materials were improved by 54%, 56%, 36%, and 66%, respectively, compared with those of poplar wood. These properties were superior to those of the traditional styrene (PSt)-WPC and even exceeded the performance of Xylosma congesta (Lour.) Merr, a high-quality wood from northeast China. Meanwhile, the mass loss of wood composite materials with bulking–filling treatment was only 2.35 ± 0.05%, and the internal structure remained intact, presenting excellent decay resistance. Additionally, the treatment also significantly improved the thermal and dimensional stability of the wood composites. This study provides a theoretical basis and guidance for realizing the high-value-added application of low-quality wood and the preparation of highly durable wood-based composites.