This study was carried out to investigate characteristics of wood-based panels and wood-cement board for the possible uses as flooring and wall materials. The optimum cement/wood ratio(C/W ratio) of wood~cement board manufactured by clamp-pressing was from 2.7 to 3.2. The dimesional stability was superior in the C/W ratio of 3.2. Particularly, the dimensional stability of cement board using fine particle for particleboard face layer was favorable through three levels of C/W ratio. According to types of wooden material, bending strength of cement board using coarse particle for particleboard core layer or old newspaper(ONP) fiber was relatively higher than others. Thermal conductivities of wood-cement boards were no lower than that of gypsum board, and higher than those of plywood and boards. In case of wood-cement board of the C/W ratio of 2.7, the fire-proof performances of cement composite boards were greater than that of gypsum board, and weight loss reached to about a half of gypsum board. Then, wood-cement boards showed superior fire-proof performance compared to wood-based panels.