Abstract The objective of this study was to compare the characteristics and bonding performance of phenol-formaldehyde (PF) resins modified and blended with crude bio-oil. For modified PF resins, crude bio-oil from the pyrolysis of pinewood was synthesized with phenol and formaldehyde at 10, 25, 50, and 75 percent phenol substitution percentages, respectively. For blended PF resins, crude bio-oil was physically blended with PF resin at 4, 13, 23, and 38 percent addition percentages, respectively. The physical properties of crude bio-oil and PF resins, such as viscosity, pH value, gel time, water content, and solid content, were measured. The bond strength of plywood was evaluated. The results indicated that incorporating crude bio-oil into PF resin either by synthesis or by blending at certain amounts could improve the bonding performance of PF resins. For blended PF resins, the best crude bio-oil addition percentage was 13 percent, while for synthesized (modified) PF resins, the best phenol substitution percentage was 25 percent. Further increment of the crude bio-oil content level decreased the bond performance of both modified and blended PF resins. This was mainly due to the increased viscosity and the acidity of blended PF resins at a high crude bio-oil addition percentage and a shortage of reactive phenolic compounds in modified PF resins at a high phenol substitution percentage. Plywood bonded with the resins could generally meet the requirement of Chinese National Standard GB/T 17657‐2013 and be suitable for outdoor applications.