When thermoplastic resins such as polyethylene (PE) and polypropylene (PP) are selected as wood adhesives to bond wood particles (fibers, chips, veneers) by using the hot-pressing technique, the formaldehyde emission issue that has long existed in the wood-based panel industry can be effectively solved. In this study, in general, thermoplastic-bonded wood-based panels presented relatively higher mechanical properties and better water resistance and machinability than the conventional urea-formaldehyde resin-bonded wood-based panels. However, the bonding structure of the wood and thermoplastic materials was unstable at high temperatures. Compared with the wood-plastic composites manufactured by the extruding or injection molding methods, thermoplastic-bonded wood-based panels have the advantages of larger size, a wider raw material range and higher production efficiency. The processing technology, bonding mechanism and the performance of thermoplastic-bonded wood-based panels are comprehensively summarized and reviewed in this paper. Meanwhile, the existing problems of this new kind of panel and their future development trends are also highlighted, which can provide the wood industry with foundations and guidelines for using thermoplastics as environmentally friendly adhesives and effectively solving indoor pollution problems.