Significant developments in the area of wood modification have been achieved during the last three decades. These developments can be attributed to increased environmental concerns, the escalating demand for a high and constant quality of wood products, and the rising prices of the durable tropical timber as well as its very limited availability, as affected by illegal logging. As a consequence, a number of wood modification techniques such as chemical and impregnation modifications or heat treatments have been introduced, and some of these technologies have reached the industrial level. This review paper deals with two successful technologies, that is, wood acetylation and wood furfurylation. It briefly discusses the advantages of the new modified products and presents in short their improved properties. Published findings indicate that chemical modification of wood, to a full or partial degree, by means of acetylation or furfurylation, offers a way to transform low durability wood species to new ‘green’ wood materials having advanced qualities and properties.