Normally, moisture content of veneer for structural plywood bonded with current PF resin is required to be less than 8%. In this study, PF resin was modified with resorcinol resin by mixed cocondensation.Effects of added amount of resorcinol resin, molar ratio of PF resin, mixture proportion and hot pressing condition on glue viscosity, condensation degree, stability, curing time, and bonding quality were studied. The results showed that moisture content could be increased up to 16 %～18 %,physical and mechanical properties of the plywood conformed with the standard of GB 9846 1～12—88 Manufacturing cost of the plywood could be reduced.