The effect and control of wood property of reconstituted composite panels for improved board properties by wood-waste materials and development of combination method for heterogeneous materials have been of interest to the wood science researchers. The purpose of this study is to consider the properties in relation to hot pressing conditions and to develope the optimum hot pressing condition with waste wood and waste tire for the manufacturing of composite boards. The study of composite boards for recycling of wood and waste tire is nothing up to the present. Physical and mechanical properties such as specific gravity, moisture content, swelling coefficient, modulus of rupture and modulus of elasticity in bending test were studied. The condition of 3-stage press time for the lowest moisture content of composite board was $4{ ightarrow}3{ ightarrow}3$ minutes. Specific gravity of composite panels was affected mainly by the amount of rubber chip. Because of the low rigidity and high elasticity in rubber chip, it is considered the composite panel was adequate material in the place of compression load, but not bending load. Therefore, it was concluded that a use of rubber-based wood composite panel is proper to the interior materials such as floor a room than exterior materials. From the test results, the most optimum hot pressing conditions were $4{ ightarrow}3{ ightarrow}3$ minutes for 3-stage press time and $45{ ightarrow}20{ ightarrow}5kg/cm^2$ for 3-stage press pressure. The rubber-based wood composite panel was very excellent in elasticity by combination of rubber chip in comparison with existing other wood-based materials. Therefore, it was considered that rubber-based wood composites can be applicable to every interior materials such as floor a room and will be expected to effective reuse and recycle of waste tires and wood-waste materials, and will be contribute to protection of environment pollution in earth.