The use of bio-based biomass construction materials has the advantage of helping to reduce fossil energy demand, protecting the environment from carbon dioxide emission and reducing the production of non-degradable waste. This paper used resin-modified soy protein (SP) adhesive to combine rice straw stalks, and made straw-soy protein composites (SSPC) material. The physical properties, compressive behavior and stability during wetting drying cycles of SSPC were measured. Due to water evaporation, the SP matrix is full of connected pores, resulting to its physical properties of small density, high shrinkage ratio and low thermal conductivity, which are 0.24 g/cm3, 16.2%, and 0.065 W/(m•K), respectively. Adding straw is helpful to the physical properties of SP matrix, leading to an obvious decrease in shrinkage ratio and thermal conductivity of SSPC, which are 8.51% and 0.075 W/m•K. Furthermore, the compressive load–displacement curves of SSPC groups divide into two types: divergent and convergent. The compressive strength of divergent samples is decided by the critical displacement determined according to the convergent specimens. It shows that straw stalk proves the positive effect on the compressive property of SP matrix. As to the mass of SSPC samples during the wetting drying cycles, it drops apparently in the initial three cycles, and becomes negligible from the fifth cycle, meaning that the stability of SSPC during wetting drying cyclic process is quite good. The research result would be helpful for using SSPC as building material, especially as thermal insulation material.