European silver fir (Abies alba L.) wood was heat-treated in an oven for 60 min at seven different temperatures of 100 °C, 150 °C, 200 °C, 220 °C, 240 °C, 260 °C, and 280 °C under atmospheric pressure in the presence of air. The effect of thermal treatment on the chemical composition, mechanical, and color properties of the wood was studied, and the mutual correlations between the investigated properties were evaluated. The bending strength/modulus of rupture (MOR) and the modulus of elasticity (MOE) were positively correlated with the total saccharides, glucose, mannose, and xylose content, where R ranged from 0.942 to 0.984. For changes in the wood color, very strong positive correlations between the total color difference and the contents of lignin and extractives were determined, where R = 0.968 and 0.945 respectively. Additionally, the total color difference was negatively correlated with the total saccharides, mannose, and xylose content, where R ranged from 0.876 to 0.938. The obtained data were evaluated by principal component analysis (PCA), where the components explained 93.1% of the total variance.