Abstract: The relationships among the compression ratio of veneer, the hot-pressing factors and initial moisture content of veneer were investigated based on the hypothesis that veneer weight will not change before and after hot pressing without considering wood pyrolysis during hot pressing. The relation equation between the compression ratio of veneer and the main factors was determined, and the model of density fluctuations was further established. The result of multiple factors test showed that the veneer density model was exact when the hot-pressing pressure was lower than 5 MPa.