The purpose of this study was to investigate and develop an eco-frendly wood adhesive based on vegetable oil (especially soybean oil), the renewable and sustainable natural resources, using ozonification technology for the chemical structure modification. The waste soybean oil (WSBO) was reacted with $O_3$ at the rate of $450m{ell}$(acetone) : $50m{ell}$ (WSBO) for different times, 1, 2, 3 hrs. The investigation of the modified chemical strecture of the ozonied WSBOs were conducted using FT-IR. As ozonification time increased, the peak of the unsaturated double bonds was disappeared especially ozonized-3hrs and aldehyde or carboxyl peak appeared because ozonification broke the oil into small molecules. The plywood were made at $150^{circ}C$ with 4 minutes hot-press time using the different ozonized 3 hrs WSBO/pMDI adhesives and were tested for the dry, wet, cyclic boil test according to the Korea Industrial Standard F3101 Ordinary plywood. The bond strengths gradually increased until 1 : 0.5~1 : 3, but it decreased 1 : 4, as the contents of pMDI increased. The results of the dry, wet and cyclic bond strengths the equivalent ratio was formed approximately between 1 : 2~1 : 3. And the 1 : 1~1 : 4 strengths met constantly the standard requirement of 7.0kgf/$cm^2$ (KS F3101). From the comprehensive view on the results of above experiment, it could be confirmed that ozonized WSBO/pMDI has characteristics of effective reactivity and wet stability showed as an excellent candidate of wood adhesive applications.