A formaldehyde-free adhesive based on natural rubber latex (NRL) was prepared by mixing NRL (50% w/v) and poly(vinyl alcohol) (PVA, 10% w/v), which acted as adhesion promoter. Approximately 15% of polymeric 4,4- methylene diphenyl diisocyanate (pMDI) was used as cross-linker based on the adhesive’s solids content and dextrin (20% w/v) was then added as filler. Basic and chemical properties of NRL-based adhesives were characterized using several techniques. The adhesion strength was examined in plywood using a universal testing machine. The non-volatile solids content, gelation time, and viscosity were suitable for making plywood. The results were comparable with neat pMDI conventional UF resins adhesives. Incorporation of pMDI and dextrin into NRL-PVA mixture altered the functional groups of the adhesives. Plywood bonded with NRL-based adhesives met the requirement of JAS No. 233:2003 with maximum moisture content of 14%. No alteration in density of plywood panels, indicating no influence of adhesive types on density of plywood. Plywood bonded with NRL-PVA/15% pMDI/20% dextrin had five times greater delamination compared to plywood bonded with NRL-PVA/15% pMDI owing to hydrolysis of dextrin. Dry tensile shear strength (TSS) of plywood bonded with NRL-based adhesives, neat pMDI and UF resins were higher than the requirement of JAS No. 233:2003 with minimum TSS value of 0.7 MPa. However, none of NRL-based adhesives could met the minimum requirement of wet TSS. This study showed that NRL-PVA/15% pMDI/20% dextrin could be used as formaldehyde free plywood adhesives for interior application and dry condition.