Adhesive for bamboo plywood prepared directly using lignin existing in the black liquor as a kind of material replacing phenol was proposed on the basis of the same structural properties of lignin and phenol. The results indicate that the reaction time of black liquor methylating is 30 min, when the ratio of alkali to formaldehyde is controlled at approximately 0.20, decomposition rate of formaldehyde is the lowest and the effect of black liquor methylating is the best, the optimal molar ratio of phenol: formaldehyde to NaOH to H2O of preparing phenolic resin is liquor to phenolic resin, all terms of performance of black liquor phenolic resin are excellent and satisfy the requirement. All terms of performance of bamboo plywood prepared using this technique are better than that of excellent bamboo plywood of national criteria. Using this technique, the cost is depressed by 28.69% without altering the traditional adhesive producing technique flow, and without using additional equipment.