This study examined the effects of moisture content (MC) on the manufacture of cement-bonded particleboard (CBP) using supercritical CO 2 in the curing process. Significant correlations were found between MC and the performance of CBP: the internal bond strength, modulus of rupture, and modulus of elasticity values of CBP achieved their maximums, when the MC of boards was approximately 30%. This finding indicated that during the curing phase of manufacturing CBP, a MC of about 30%, which is nearly equal to the water-cement (w/c) ratio of about 0.34, contributes to improved mechanical properties. However, the mechanical properties decreased when the MC was below 30%, which had a negative effect on board performance, indicating that carbon dioxide could not fully react and no carbonation occurred during the curing process. Maintaining a MC of approximately 30% as an ordinary condition of the cement required in the curing of CBP could promote the reaction of carbon dioxide to form calcium carbonate (CaCO 3 ), which leads to increased final strength of CBP. Both X-ray diffractometry and thermal gravimetry observation agreed well with these results and clarified that the increase of CaCO 3 content caused by carbonation with increased MC of boards contributed to improving the mechanical properties of CBP.