Mechanical and waterproof properties were evaluated for hot-pressed cotton boards produced from different layers (3, 4, and 5) of cotton veneers under the same weight of cotton fibers and melamine-urea-formaldehyde adhesive. The mechanical and waterproof properties of cotton boards exceeded the specifications for particleboard and medium-density fiberboard of the China national standard requirements, and the four-layer cotton boards performed better. Scanning electron microscopy images showed that fibers were intertwined to form a dense network structure after hot-pressing with water, and thicker veneers were not conducive to the penetration of adhesives after cold-pressing. Fourier transform infrared spectra indicated that hydrogen bonding, physical, and mechanical bonding took place in the cotton veneers, and stronger absorption peaks were shown for the chemical functional groups of the five-layer and four-layer cotton boards. X-ray diffraction spectra revealed that the cellulose crystallinity of the cotton boards (3, 4, and 5 layers) increased to 74.5%, 74.4%, and 73.2%, respectively. Thermal gravity/ differential thermal gravity curves showed that the thinner cotton veneers of the cotton boards showed better thermal stability. These results showed promise for the revaluation of this textile waste to produce biomass composites and for its potential use as a raw material in the preparation of biomass composites.