The application of fast-growing Chinese fir (Cunninghamia lanceolata) is limited due to low dimensional stability and weak mechanical strength. Silica sol can effectively improve fast-growing fir wood’s physical and mechanical properties. In order to clarify the influence of impregnation process parameters on the modification effect, the effect of the vacuum impregnation variants (e.g., pre-vacuum time, pre-vacuum pressure, pressurization time, and pressurization pressure) was discussed using the orthogonal test approach. The optimal modification process was determined by comparing the water absorption and nail-holding power under different modification processes. The range analysis and variance analysis methods were used to study the correlation between process factors and the performance of the modified wood. The results showed that the water absorption and nail-holding power of fast-growing fir wood were significantly improved via vacuum impregnating with silica sol. The optimum process parameters for water absorption and nail-holding power of fast-growing fir as the pre-vacuum time was 30 min, the pre-vacuum pressure was −0.08 MPa, the pressurization time was 3 h, and the pressurization pressure was 1.2 MPa.