The thermo-hygromechanical densification process changes the chemical composition and the physical and mechanical properties of wood. The aim of this work was to study the impact of the chemical composition of Pinus radiata wood on its physical and mechanical properties following the thermo-hygromechanical densification process. The samples were initially segregated by lignin content. Density, hardness, modulus of elasticity (MOE), and modulus of rupture (MOR), in addition to lignin, α-cellulose, hemicellulose, and extractive contents, were determined before and after the densification process. The results indicated that densified wood with high initial lignin content had greater rate of increases in density and MOE than wood with lower initial lignin content. Additionally, densified wood with lower initial lignin content had greater rate of increases in hardness. The rate of increase of MOR did not show significant differences within both groups. Carbohydrates present in the control and the densified wood played an important role in the mechanical strength of the final product.