Polyurethane (PU) adhesives were prepared with bio-polyols obtained via acid-catalyzed polyhydric alcohol liquefaction of wood sawdust and polymeric diphenylmethane diisocyanate (pMDI). Two polyols, i.e., crude and purified liquefied wood (CLW and PLW), were obtained from the liquefaction process with a high yield of 99.7%. PU adhesives, namely CLWPU and PLWPU, were then prepared by reaction of CLW or PLW with pMDI at various isocyanate to hydroxyl group (NCO:OH) molar ratios of 0.5:1, 1:1, 1.5:1, and 2:1. The chemical structure and thermal behavior of the bio-polyols and the cured PU adhesives were analyzed by Fourier transform infrared spectroscopy (FTIR) and thermogravimetric analysis (TGA). Performance of the adhesives was evaluated by single-lap joint shear tests according to EN 302-1:2003, and by adhesive penetration. The highest shear strength was found at the NCO:OH molar ratio of 1.5:1 as 4.82 ± 1.01 N/mm2 and 4.80 ± 0.49 N/mm2 for CLWPU and PLWPU, respectively. The chemical structure and thermal properties of the cured CLWPU and PLWPU adhesives were considerably influenced by the NCO:OH molar ratio.