Fast pyrolysis oil (Py-oil) from Cunninghamia lanceolata wood was the starting material in preparing alcohol-soluble phenol-formaldehyde (PF) resins. For this purpose, phenol (Ph) and Py-oils were mixed in weight ratios of 50/50, 40/60, and 30/70. The molecular weight distribution, thermal setting behavior, and heat resistance of the set resins were investigated. Albizia falcataria wood powder and cotton paper were impregnated with the resin mixture, and molding plates were produced by hot pressing; their physical, mechanical, and thermal properties were evaluated. The results show that Py-oil blended with Ph is a suitable raw material for preparing alcohol-soluble PF resins, which possess the characteristics of thermal melting and setting. The properties of the molding plates were satisfactory. The static bending strength ( > 100 MPa) and elastic modulus of the cotton paper-based products fulfill the requirements of CNS 10559 standard. The initial temperature of the thermal degradation of molding plates is > 345°C. The performance of the molding plates decreased with increasing ratios of Py-oil.