Thermo-hydro treatment (THT) of plywood produced from birch (Betula spp.) wood veneers was carried out in a multi-functional pilot device manufactured by WTT (Wood Treatment Technology). The treatment was conducted in elevated water vapour pressure conditions using four different treatment regimes: 150/10, 150/50, 160/10 and 160/50 (temperature, °C/duration, min). After the treatment, the THT plywood was subjected to the following tests: biological durability, anti-swelling efficiency (ASE), bending strength (BS), Brinell hardness (HB), equilibrium moisture content (EMC) and surface contact angle determination. THT improved most of the properties of the plywood. With increasing treatment severity, the dimensional stability and the resistance to white and brown rot fungi of THT plywood were improved. The EMC of THT plywood was lower than the untreated controls, and the surface became more hydrophobic. As a drawback, losses of BS and hardness were observed.