This experiment was executed to investigate the effect of activation of veneer surface by oxidizing agents, hydrogen peroxide and nitric acid, on bonding characteristics of Malas(Homalium foetidum Benth) plywood, in which the effects of these oxidizing agents amount, pretreatment time, and pressing time and temperatue on shear strength of the plywood were examined and discussed. In this research the activation of veneer surface by oxidants was effective in raising shear strength but the difference in shear strength was not observed between hydrogen peroxide and nitric acid treatment. Hydrogen peroxide treatment, however, seemed to be more profitable to industrial application because of its lower concentration and easier handling than nitric acid. The bonding method by lignin-phenol adhesive through surface activation revealed inferior shear strength to phenol- and urea-formaldehyde adhesive but superior water resistance to urea-formaldehyde adhesive and this bonding method, in addition, have the advantage of lower cost compared with phenol-formaldehyde adhesive, Therefore, this bonding method by lignin-phenol adhesive through surface activation seemed to economical in manufacturing of water-resistant wood panel materials in future.