Wet-formed particleboard panels were made using cellulose nanofibrils (CNF) as the bonding material. The effects of panel density, CNF addition ratio, particle size, and pressing method on the nail and face screw withdrawal strength, water absorption (WA), and thickness swelling (TS) were investigated. The nail and face screw withdrawal strength increased with an increased panel density and CNF addition ratio. Mixed-size particles were favorable for better face screw withdrawal strength. The WA decreased while TS increased with increased panel density. The WA decreased with increased CNF addition ratio. The effect of CNF addition ratio on the TS was influenced by an interaction effect of the particle size, density, and pressing method. Smaller wood particles and the constant thickness (CT) pressing method were better for both WA and TS performance. All of the high- and medium-density panels failed to satisfy the standard requirements for face screw withdrawal strength. For low-density panels, those manufactured with mixed-sized particles all satisfied the standard requirements; those manufactured with large particles required at least 15% CNF to meet the standard, and those manufactured with small particles required at least 20% CNF to achieve the standard requirements. None of the panels met the standard TS requirement (< 8%).