The development of eco-friendly adhesives is a major research direction in the wood-based material industry. Previous research has already demonstrated the mixture of sucrose and citric acid could be utilized as an adhesive for the manufacture of particleboard. Herein, based on the chemical characteristics of sucrose, a synthesized sucrose-citric acid (SC) adhesive was prepared, featuring suitable viscosity and high solid content. The investigation of synthesis conditions on the bond performance showed that the optimal mass proportion between sucrose and citric acid was 25/75, the synthesis temperature was 100 °C, and the synthesis time was 2 h. The wet shear strength of the plywood bonded with SC adhesive, which was synthesized at optimal conditions and satisfied the China National Standard GB/T 9846-2015. The synthesis mechanism was studied by both ¹³C NMR analysis and HPLC, and the chemical composition manifesting caramelization reaction occurred during the synthesis process. The results of ATR FT-IR indicated the formation of a furan ring, carbonyl, and ether groups in the cured insoluble matter of the SC adhesive, which indicated dehydration condensation as the reaction mechanism between sucrose and citric acid.