The compaction behavior of cotton stalk particle mats, temperature profile inside the particle mats, and influence of surface particle size were studied relative to the properties of three-layered cotton stalk particleboards. Modulus of rupture (MOR), modulus of elasticity (MOE), internal bond, and thickness swelling were used as a measure for mechanical and physical performance. Two types of cotton stalk particleboard were manufactured. Results indicated that compression stiffness of the particle mat increased with increasing particle size; however, it decreased with increasing mat moisture content and temperature. At mat moisture contents of 12% and 18%, the plateau temperature at the centerline was not significantly different between boards having coarse and fine particles. However, the plateau time of boards with coarse particles was significantly lower than that of boards with fine particles. Additionally, thickness swelling of boards with a surface particle size of 2 mm was significantly lower than that of boards with surface particle size of 4 mm. Boards with a surface particle size of 2 mm had MOR and MOE values 15% and 10% higher, respectively, than boards with surface particle size of 4 mm. Internal bond decreased 6.5% with decreasing surface particle size from 4 mm to 2 mm.