In the context of natural resource scarcity, environmental challenges and human health concerns, the development of alternative solutions becomes crucial to sustainable development. Sustainable and renewable protein-containing materials such as soy or canola have proved to have wood bonding properties comparable to those of synthetic binders. In addition, the availability of canola meal offers a great possibility for the development of bio-adhesives for the wood-based panel industry. Furthermore, direct utilization of canola meal helps to avoid expensive and low-yield protein isolation processes. Using three different solvent solutions (water and 1 mol and 2 mol sodium hydroxide), canola-based bio-adhesives were prepared and used for the production of medium-density fiberboards (with 10 mm thickness and 800 kg/m3 target density) and three-layer particleboards (with 15 mm thickness and 640 kg/m3 target density). The produced boards were tested for their mechanical properties and dimensional stability according to European norms. With the MDFs’ bending strength values above 40 N/mm2 and internal bonding strength greater than 0.5 N/mm2, the results show that there is indeed a possibility to achieve good mechanical properties using canola meal as a binder. The use of NaOH solutions as denaturants, as well as the addition of colasol, helped improve the bonding properties of the boards by 35.49% and 64.52% for 1 mol and 2 mol NaOH solutions, respectively. The obtained results show that the developed canola-based bio-adhesive can compete with conventional ones. However, despite the good mechanical properties of the produced boards, their poor dimensional stability due to the low water resistance of natural proteins suggests further improvement for industrial application.