This study was carried out to examine properties of water resistant plywood by using serum protein adhesive which is natural, environment-friendly and human-friendly. For the preparation of the serum protein adhesive, pig blood from slaughterhouse was centrifuged and serum was separated from corpuscles and concentrated to 30% by dry weight basis. This concentrated serum protein was modified with PF resin (50% NVC) with the ratio of 9 : 2.5. Plywood made by this modified serum protein gave 1.21 N/$mm^2$ of dry bonding strength, 0.80 N/$mm^2$ of wet boil bonding strength, 0% of cyclic delamination test value, and 0.025 ppm of HCHO emission, which met the excellent super $E_0$ grade and water resistant plywood.