In this paper, one hundred percent of condensed sulfate paper pulp waste liquid was used as the raw material of adhesive, and the activation of its lignin as well as the improving effects of phenol formaldehyde resin and polyfunctional aqueous polymer isocyanate (PAPI) were studied. The results showed that adding formaldehyde to the waste liquid could increase the reactivity of contained lignin, and adding 30% phenol formaldehyde resin or 20% PAPI could make the waste liquid in place of pure phenol formaldehyde resin for producing class I plywood. Furthermore, the cost could be reduced by 55.5% and 49.0%, respectively, in comparing with pure phenol formaldehyde resin. This approach fully used the organic resources in paper pulp waste liquid, reduced environment pollution at the same time, and had unexceptionable economic, social and ecological benefits. The feasibility of preparing adhesives from paper pulp waste liquid was also analyzed by infrared spectrum.