In order to overcome the defects of fast-growing poplar wood, such as low strength and poor toughness, this paper introduces a method of modifying poplar wood via impregnation with silica sol/melamine–glyoxal (silica sol/MG) resin and explores its effects on the physical, mechanical, and thermal properties of poplar wood. It was found via scanning electron microscopy that the composite modifier covered and filled the cell lumen, cell interstitial space, and cell wall pores of poplar wood. Further, infrared spectroscopy and X-ray photoelectron spectroscopy analyses confirmed that chemical cross-linking occurred between the silica sol/MG resin composite modifier and the internal groups of poplar wood and that the Si-O-Si flexible long chains introduced in the composite modifier formed a cross-linking network with poplar wood such as Si-O-Si and Si-O-C, which led to the improvement of the physical and mechanical properties and the enhancement of the thermal stability of poplar wood. The method provides a theoretical basis for the high-value utilization of fast-growing poplar wood.