Soybean protein-based adhesives are limited in their application due to their poor wet bonding strength and poor water resistance. Herein, we prepared a novel, environmentally friendly soybean protein-based adhesive by adding tannin-based resin (TR) to improve the performance of water resistance and wet bonding strength. The active sites of TR reacted with the soybean protein and its functional groups and formed strong cross-linked network structures, which improved the cross-link density of the adhesives and then improved the water resistance. The residual rate increased to 81.06% when 20 wt%TR was added, and the water resistance bonding strength reached 1.07 MPa, which fully met the Chinese national requirements for plywood (Class II, ≥0.7 MPa). SEM observations were performed on the fracture surfaces of all modified SPI adhesives after curing. The modified adhesive has a denser and smooth cross-section. Based on the TG and DTG plots, the thermal stability performance of the TR-modified SPI adhesive was improved when TR was added. The total weight loss of the adhesive decreased from 65.13% to 58.87%. This study provides a method for preparing low-cost and high-performance, environmentally friendly adhesives.