In this study, the authors prepared an environmentally friendly and low toxicity powder phenol formaldehyde （PF） resin for plywood manufacturing. The resin was modified by adding some modifiers and other materials which were developed by the authors during the resin synthesizing process. They also discussed other influencing factors, such as temperature rate of rise and modifiers that affect the properties of the PF resin. According to the test results, the technical indices of the PF resin have met the minimum requirements of the Chinese National Standards GB 14732 93. Furthermore, the properties of plywood, glued by the modified PF resin, could meet the requirements of the Chinese National Standards GB/T 9846.1～12 88.