In this work,a non-formaldehyde adhesive for plywood was prepared.In this adhesive,a water-based isocyanate was used as the crosslinking agent and an elastic composite system from synthetic rubber latex,PVA and some other additives was used as the main reagent.Experimental results showed that the whole properties of this adhesive met the requirements from the national standard of plywood and decoration.As a new kind of adhesive,its weather resistance,impact resistance,strengths and adhesion properties were excellent It was easy to produce and use.