PURPOSE: To inexpensively produce plywood generating no warpage by applying a humidity curable adhesive to raw wood veneers with high water content and laminating the coated veneers to subject them to cold clamping.

CONSTITUTION: A humidity curable adhesive is applied to raw wood veneers with water content of 30wt.% or more without drying the veneers. An odd number of the adhesive coated raw veneers are laminated so that the fiber directions thereof cross each other at a right angle to be subjected to cold claming at 0-40°C under cold pressure of 0.5-15kgt/cm2. Therefore, even when the obtained plywood is used outdoors, the water content of plywood always changes within a range higher than equilibrium water content and, therefore, no crack or warpage is generated even in natural environment and, since there is no hot press process, the plywood is inexpensively produced.