In this paper, Eucalyptus chips were used as main raw materials for the manufacture of fire proof and water resistant wood based composite board by moulding process. Effects of the ratios of wood chip to cement (W/C), water to cement (M/C) and adhesive, annexing agent, water resistant agent, dying agent and curing conditions on properties of the board were examined respectively. The results as follows: (1)The appropriate parameters were W/C=0.3, M/C =0.35, and the consumption of adhesive, annexing agent and water resistant agent were 5%～10%, 0.45% ～0.5% and 1.5% of cement weight respectively; (2) W/C ratio not only had great influence of board formation, but also the mechanical properties of the board; (3) board properties could be improved significantly by adding adhesive, annexing agent and water resistant agent and curing under alkaline conditions with sufficient water; (4) main properties of the board, such as surface hardness and resistance to abrasion, fire, decay and water exceeded normal solid wood flooring markedly. It is suitable as the materials of flooring and wall skirt.