To investigate value in use of liquefied wood-based resin applications in molding material, Chinese fir (Cunninghamia lanceolata) and poplar (Populus tomentosa) wood meal were liquefied in phenol. The reactant was co-condensed with formaldehyde to obtain liquefied wood-based resin. For this paper, we investigated the characterization of the resin and its application in molding material. The result shows that the basic properties of liquefied wood-based resin were satisfactory; the bonding strength of plywood prepared with liquefied Chinese fir and liquefied poplar resin can reach 1.54 and 1.00 MPa, respectively. The compression strengths of the molding material prepared with two kinds of liquefied wood resin were 73.01 and 73.58 MPa, almost the same as that of PF resin molding material. The limiting volume swelling of molding material made with liquefied Chinese resin and liquefied poplar resin were 8.5% and 8.3%, thickness swelling rates of water absorption were 3.3% and 4.2%, and the maximum weight ratios of water absorption were 25.9% and 26.2%, respectively. The soil burial test result shows that the weight loss rate of the molding materials made with liquefied Chinese resin and liquefied poplar resin were 8.3% and 9.1% and that of the PF resin molding material was 7.9%. After the soil internment test, the reduction ratio of compression strength of the two kinds of molding material achieved 16.9%and 17.7%, while that of the PF resin molding material was 15.4%. The test results of wood fungi inoculation on the three surfaces of the molding material indicate the breeding rate of molding material prepared with liquefied Chinese resin and liquefied poplar resin were at level 4 and that of PF resin molding material was at level 1 of the ISO standard.