Commercial wood adhesives are based on products that contain formaldehyde; however, environmental and health concerns about formaldehyde emissions from wood products have influenced research and development efforts in order to find alternative, formaldehyde-free products for wood adhesives. In this work, different soy protein-based wood adhesives are proposed, and their performance is compared to commercial urea formaldehyde (UF) adhesive. Soy protein-based wood adhesives were prepared using either soy protein isolate (SPI) or soy protein flour (SF) with different coadjutant polymers: polyethylene oxide (PEO), hydroxypropyl methylcellulose (HPMC), cellulose nanofibrils (CNF) or polyvinyl alcohol (PVA) with and without addition of kraft lignin. The effects of the type of soy protein, solids content, coadjutant polymer and lignin addition were investigated. The wood adhesive formulations were tested on the bonding of hardwood (white maple) and softwood (southern yellow pine) and the dry shear strength of test specimens was measured according to method ASTM D905-08. The adhesive formulations with SPI achieved significantly higher values than those with SF. The dry shear strength of the adhesives varies depending on the coadjutant polymer, the wood species and the addition of lignin.