Degradation of carboxymethylcellulose (CMC), xylan and synthetic lignin was studied in a cellobiose dehydrogenase system, that reduced Fe(III) to Fe(II) with cellobiose as electron donor, which in the presence of hydrogen peroxide degraded all the above representatives of the main wood components, probably by forming Fenton’s reagent. The production of hydroxyl radicals was shown by benzoate decarboxylation. For the CMC and xylan studies viscometry was used, while lignin degradation was studied by measuring the passage of C-14-labelled synthetic lignin (DHP) through membranes of different molecular-mass cut-off. The possible participation of cellobiose dehydrogenase, Fe(III) and hydrogen peroxide in wood degradation by white-rot and brown-rot fungi is discussed.