A series of novel waterborne lignin-based epoxy resin emulsions (WLEPs) were successfully synthesized, and then the WLEPs were cured with polyamide (PA) to give formaldehyde-free wood adhesives with high-performance. The chemical structures and properties of WLEP emulsions were determined. The effects of the emulsifiers on thermal and mechanical properties of the adhesives were investigated, and the potential application of WLEPs in the formulation of plywood were also evaluated. The results demonstrated that the WLEP dispersions presented excellent storage stability (˃180 days) with their viscosities range from 110 mPa·s to 470 mPa·s and particle sizes in the range of 321–696 nm, which were beneficial for the fluidity and permeability of the wood adhesives. Furthermore, the thermal and mechanical properties of adhesives could be tuned effectively by controlling the length of PEG chains. The adhesive bearing PEG 6000 exhibited the highest tensile strength of 24.0 MPa and Young's modulus of 1439 MPa. Notably, the plywood prepared with the resulting adhesives displayed good bonding performance, especially water resistance, which were much higher than the national standard requirement for exterior-grade plywood type I. These results indicated that the WLEPs could be used as sustainable alternatives for traditional formaldehyde-based wood adhesives in practical applications.