High variations in juvenile wood properties in the radial direction and its worse performance than mature wood make it less suitable for some applications and often treated as waste material. This study aimed to assess how thermal modification affects the chemical composition and the physical, mechanical and swelling properties of Scots pine juvenile and mature wood. An additional goal was to evaluate if the modification can equalise the differences in selected properties of juvenile wood to those of mature wood so that from waste material, juvenile wood can become a fully-fledged raw material for various industrial applications. Thermal treatment at 220 °C influenced wood chemical composition, degrading mainly hemicelluloses but also affecting cellulose and lignin, which resulted in a reduction of hydroxyls and carbonyl/carboxyl groups. These changes were more pronounced for mature than juvenile wood. It reduced mass loss and swelling rate, and increased swelling pressure in the tangential and radial directions to a higher degree for juvenile than mature wood. Changes in mechanical properties in compression were statistically significant only for mature wood, while wood hardness remained unaffected. Although the applied heat treatment improved the performance of juvenile wood by reducing its swelling rate, it did not equalise the examined properties between juvenile and mature wood. Since higher juvenile wood proportion is expected in the wood supply from the future intensively managed forests, there is still a need to find suitable modification methods or better processing techniques so that instead of being thrown away as waste, it could be used broadly in various industrial applications.