Nowadays, the particleboard industry cannot meet the market’s demand. Therefore, filler materials have started to be used both to conserve raw materials and to enable the use of wood-based boards in different areas. This study investigates the effects of incorporating different ratios of activated carbon (0%, 1.5%, 4.5%, 7.5%) on the properties of particleboards. The physical properties were examined, including density, moisture content, thickness swelling, and water absorption. The results reveal that the density increased with increasing activated carbon content while the moisture content decreased, indicating improved dimensional stability and water resistance. Additionally, the color properties were influenced by activated carbon, leading to a darker appearance with decreased lightness and yellow-blue components. The mechanical properties, such as internal bond strength, modulus of rupture, and modulus of elasticity, showed significant enhancements with the addition of activated carbon, indicating improved bonding and increased strength. Moreover, the thermal conductivity decreased with increasing activated carbon content and improved insulation performance. Scanning electron microscope analysis confirmed the uniform distribution of activated carbon within the particleboard matrix, without agglomeration, positively impacting the mechanical performance. According to the thermogravimetric analysis results, the addition of activated carbon led to a decrease of up to 6.15% in mass loss compared to the control group. The incorporation of activated carbon at a ratio of 4.5% in particleboards confers notable enhancement to their physical, mechanical, and thermal characteristics. These findings contribute to understanding the potential benefits and considerations of using activated carbon as an additive in particleboard production.