There are significant challenges related to practical applications of formaldehyde-based wood adhesives due to their formaldehyde content and fossil-based raw materials. Herein, a bio-based wood adhesive formulation that contains cornstarch (CS), Mimosa tannin (MT), sugar (S), and citric acid (CA) was developed. The solid content, curing time, and viscosity of the synthesized adhesive was determined. Chemical and thermal properties of the synthesized adhesive were investigated by using Fourier Transformed Infrared Spectroscopy (FT-IR) and Differential Scanning Calorimetry (DSC) analysis, respectively. Moreover, laboratory-scale particleboards were produced to examine the quality of the developed resin formulation. Obtained results evaluated in dry medium (P2) according to European norms EN 312 (2010). In addition to the resin used as a binder in particleboard production, wood raw material, press parameters, and environmental factors affect the board's formaldehyde content. Therefore, although the bio-based resin was synthesized in the study, the board formaldehyde content was measured by using the perforator method according to European Norm EN 12460-5.