One of the main drawbacks that has prevented a wider use of phenol-formaldehyde (PF) resins in the manufacture of impregnated paper and wood composite panels is their relatively slow cure rate. In this study, the curing characteristic of PF resol resins catalyzed with MgO was studied with various formaldehyde (F)/MgO/phenol (P) ratios at various pH values. The results indicated that the pH value, nature of pH regulator and synthesis parameters, including the F/P ratio and MgO content, all influence the rate of cure. The pH value played an important role in affecting both the cure rate and cure time. The cure rate was fast when pH was below 7.5. The cure time decreased as the pH value decreased at all F/MgO/P ratios. The MgO/P ratio had a definite influence on the cure rate, the cure time decreased with the increase of MgO/P molar ratio, and the F/P ratio had no significant influence on the cure rate. Differential scanning calorimetry (DSC) results showed that MgO catalyzed PF resin can cure at a low temperature.