This study presents an unexplored method to produce formaldehyde-free MDF. Steam exploded L. (STEX-AD) and untreated wood fibers (WF) were mixed at different mixing rates (0/100, 50/50, and 100/0, respectively) and two series of boards were manufactured, with 4 wt% of pMDI, based on dry fibers, and self-bonded. The mechanical and physical performance of the boards was analyzed as a function of the adhesive content and the density. The mechanical performance and dimensional stability were determined by following European standards. The material formulation and the density of the boards had a significant effect on both mechanical and physical properties. The boards made solely of STEX-AD were comparable to those made with pMDI, while the panels made of WF without adhesive were those that performed the worst. The STEX-AD showed the ability to reduce the TS for both pMDI-bonded and self-bonded boards, although leading to a high WA and a higher short-term absorption for the latter. The results presented show the feasibility of using STEX-AD in the manufacturing of self-bonded MDF and the improvement of dimensional stability. Nonetheless, further studies are needed especially to address the enhancement of the internal bond (IB).