The local chemistry and mechanics of the control and phenol formaldehyde (PF) resin modified wood cell walls were analyzed to illustrate the modification mechanism of wood. Masson pine (Pinus massoniana Lamb.) is most widely distributed in the subtropical regions of China. However, the dimensional instability and low strength of the wood limits its use. Thus, the wood was modified by PF resin at concentrations of 15%, 20%, 25%, and 30%, respectively. The density, surface morphology, chemical structure, cell wall mechanics, shrinking and swelling properties, and macro-mechanical properties of Masson pine wood were analyzed to evaluate the modification effectiveness. The morphology and Raman spectra changes indicated that PF resin not only filled in the cell lumens, but also penetrated into cell walls and interacted with cell wall polymers. The filling and diffusing of resin in wood resulted in improved dimensional stability, such as lower swelling and shrinking coefficients, an increase in the elastic modulus (Er) and hardness (H) of wood cell walls, the hardness of the transverse section and compressive strength of the wood. Both the dimensional stability and mechanical properties improved as the PF concentration increased to 20%; that is, a PF concentration of 20% may be preferred to modify Masson pine wood.