The oriented strand board (OSB) biorefinery is an emerging technology that could improve the building, transportation, and chemical sectors' environmental profiles. By adding a hot water extraction stage to conventional OSB panel manufacturing, hemicellulose polysaccharides can be extracted from wood strands and converted to renewably sourced ethanol and acetic acid. Replacing fossil-based gasoline and acetic acid has the potential to reduce greenhouse gas (GHG) emissions, among other possible impacts. At the same time, hemicellulose extraction could improve the environmental profile of OSB panels by reducing the level of volatile organic compounds (VOCs) emitted during manufacturing. In this study, the life cycle significance of such GHG, VOC, and other emission reductions was investigated. A process model was developed based on a mix of laboratory and industrial-level mass and energy flow data. Using these data a life cycle assessment (LCA) model was built. Sensitive process parameters were identified and used to develop a target production scenario for the OSB biorefinery. The findings suggest that the OSB biorefinery's deployment could substantially improve human and ecosystem health via reduction of select VOCs compared to conventionally produced OSB, gasoline, and acetic acid. Technological advancements are needed, however, to achieve desirable GHG reductions.