In this article, the relationship between density, wood-gypsum ratio, water-gypsum ratio and properties of gypsum-bonded particleboard was studied, The results obtained as follows: 1. the strength of gypsum-bonded particleboard becomes evidently higher with the increase of density; 2. raising wood-gypsum ratio results in increase of MOR etc., but has no influence on MOE and internal bonding strength; 3. water-gypsum ratio plays no role on properties of board in the range of 0.30-0.40; 4. the three factors mentioned above have no interaction.