Most adhesives used in the wood-based panel (WBP) industry are petroleum-based and are associated with environmental impact and price fluctuations. Furthermore, most have potential adverse health impacts, such as formaldehyde emissions. This has led to interest from the WBP industry in developing adhesives with bio-based and/or non-hazardous components. This research focuses on the replacement of phenol-formaldehyde resins by Kraft lignin for phenol substitution and 5-hydroxymethylfurfural (5-HMF) for formaldehyde substitution. Resin development and optimization was carried out regarding varying parameters such as molar ratio, temperature or pH. The adhesive properties were analyzed using a rheometer, gel timer and a differential scanning calorimeter (DSC). The bonding performances were evaluated using an Automated Bonding Evaluation System (ABES). Particleboards were produced using a hot press, and their internal bond strength (IB) was evaluated according to SN EN 319. Hardening of the adhesive could be achieved at low temperatures by increasing or decreasing the pH. The most promising results were obtained at pH 13.7. The adhesive performances were improved by adding filler and extender (up to 28.6% based on dry resin) and several boards were produced reaching P1 requirements. A particleboard achieved a mean IB of 0.29 N/mm2, almost reaching almost P2 requirements. However, adhesive reactivity and strength must be improved for industrial use.