The work aims to prepare oriented strand board (OSB) with eucalyptus veneer residues as raw materials, so as to effectively the problem of OSB's raw materials. The influence of hot-pressing temperature, paving angle, slab thickness and other factors on the dry/wet internal bonding strength, static bending strength, elastic modulus and other properties of OSB were investigated by designing the orthogonal experiment. The materials prepared at 130 ℃ with the paving angle of 90°, the slab thickness of 10 mm, the surface core layer thickness ratio of 4∶2∶4, and applied amount of aldehyde resin adhesive of 4% (in shaving's dry weight) exhibited the best performance, the internal bonding strength was up to 0.61 MPa, the modulus of parallel elasticity was up to 5566.9 MPa, and the strength of parallel static bending was up to 36.85 MPa. In this study, all the mechanical properties of the OSB prepared by eucalyptus veneer residues reach the requirements of OSB/3 in OSB standard (LY/T 1580—2010), and the mechanical properties are excellent, which provides a theoretical basis for the preparation of a low-cost and high-performance OSB.