The hydrolyzed soy protein isolate (HSPI) was used to partially substitute urea to synthesis modified urea-formaldehyde (UF) adhesives via copolymerization process, in order to reduce the dependency on petroleum-based chemicals and mitigate possible environmental pollution. The soy protein isolate (SPI), HSPI, and modified UF adhesives were characterized by attenuated total reflection Fourier transform infrared spectroscopy, H-1 nuclear magnetic resonance (H-1 NMR), and thermo-gravimetric analysis (TGA). The bonding strength, adhesive properties, biodegradability, and micrographs of the UF and HSPI-modified UF after degradation were also measured. The results show that the SPI native structure is unfolded during the treatment with sodium hydroxide. The thermal stability of HSPI is better than SPI. HSPI can incorporate into the structure of cured UF adhesives with three different feeding methods. And the best bonding strength of modified UF adhesives is 1.31 MPa when HSPI is added at the first step. The formaldehyde emission of modified UF adhesives is lower compared with UF. The earlier the HSPI is added, the better the properties for modified UF adhesives can be obtained. The degradation rate of modified UF adhesives improved nearly two times compared to the UF after six months of degradation in biologically active soil. There are microorganisms adhering to the surface of modified UF from the SEM micrographs.