The continuous rise in global demand for wood products has led to an increase in prices and a surge in research into alternative resources. As a byproduct of the timber industry, bark has emerged as a promising supplement in particleboard (PB) production. However, its anatomical structure, the presence of extractives, and its inferior mechanical properties complicate the production process, which have not yet been fully overcome at a commercial scale. This study proposes a paradigm shift, advocating for separate and specialized bark constituent processing in a wet state. Three bark-based raw materials—namely, outer bark particles, bark fiber clumps, and bark fibers—were investigated under varying wood content scenarios. PBs with a target density of 0.7 g/cm3 and a thickness of 16 mm were produced using mixtures of these bark-based materials and wood particles in different ratios bonded with a urea–formaldehyde adhesive. The results demonstrated that these bark constituents exhibit distinct properties that can be optimized through tailored processing techniques. Compared to bark fibers, outer bark particles displayed about 40% lower water absorption and thickness swelling. However, bark fibers improved the internal bond by about 50% due to their favorable morphology compared to outer bark. These findings highlight the potential of bark as a valuable resource for particleboard production and pave the way for its efficient utilization through specialized processing strategies.