The quality of plywood depends on factors such as the forest species and the adhesive used in their production, and understanding the interferences of these factors in the final properties of the plywood is of fundamental importance. The study aimed to develop multilayer plywood with two forest species and two types of adhesive and to evaluate the influences of these factors (forest species and adhesive) on the physical and mechanical properties of the plywood. The panels were produced with wood veneers of parica and pine with two types of adhesives, urea-formaldehyde and phenol-formaldehyde, with a weight of 150 g.m2. Then, each set was pressed for 10 min under a specific pressure of 0.98 MPa at a temperature of 150 °C. Three panels were produced for each type of veneer and adhesive, totaling four treatments. The plywood was evaluated for physical properties (moisture content, bulk density, and water absorption) and mechanical properties (parallel and perpendicular static bending strength and shear strength). The results showed that the forest species had a greater influence on physical and mechanical properties, with the best results being observed for plywood produced with pine and PF adhesive. The specific mass of the panels should be considered as it positively influenced the mechanical properties and negatively impacted water absorption. The PCA was used to reduce the dimensionality of the data from 9 dependent variables to 2 main components, explaining 76.70% of the total variance of the data. The multivariate analyzes of the differentiated independent factors showed that both the species and the adhesive affected as properties of the plywood and both independent variables must be taken into account in the production of the plywood. It is concluded that the porosity and specific mass of the paricá veneers contributed to a greater penetration of the adhesives, resulting in lower physical and mechanical properties than the pine veneers. However, in general, it is concluded that the plywoods produced can be used for internal and external applications. However, it is not indicated for structural purposes as it did not meet the requirements of the NBR 31.000.001/2:2001.