In this study, phenol-formaldehyde (PF) resins derived from the bark extractives were synthesized and characterized. Bark of lodgepole pine (Pinus contorta Dougl.) infested by mountain pine beetle (Dendroctonus ponderosae Hopkins) was first extracted with 1% NaOH. The bark extractives with and without acid-neutralization were then dried to the solid state. The neutralized and non-neutralized extractives were used to partially replace petroleum-based phenol for synthesizing the bark extractives-PF resins. In comparison with a commercial PF resin and a laboratory made PF resin (Lab PF), the bark extractive-PF resins were found to have higher molecular weights, higher viscosities, and shorter gel times. Acid neutralization of the bark extractives increased the molecular weight of the extractives and modified the performance and curing behavior of the resulting bark extractive-PF resins. Bark extractive-PF resins (BEPF) showed a similar level of post-cured thermal stability to that of the lab PF at higher temperatures, but they differed significantly from that of the commercial PF resin. The bark extractive-PF resins made from both neutralized and non-neutralized extractives at 30% replacement of phenol (by weight) exhibited similar dry and wet bond strengths to the commercial PF resin. At 50% substitution level, BEPF had dry and wet bond strengths similar to the lab PF resin. Our findings suggest that alkaline extractives from mountain pine beetle-infested lodgepole pine bark are suitable for partially substituting phenol in the synthesis of phenolic resin for use in wood adhesives.