The liquefaction of corn bran (CB) was successfully conducted by using three different liquefaction conditions. Among them, catalyzed liquefaction at high pressure and temperature (180-220 degrees C) using phenol was the most effective for the liquefaction of CB. Both the phenol/CB ratio and the catalyst content affected the extent of the liquefaction. The decomposed components of CB did not show high reactivity toward phenol when liquefied without a catalyst. Thermal-flow properties of the phenolated CB and flexural properties of the phenolated CB-based moldings were influenced by the amount of combined phenol and were comparable to those of the commercial novolak or phenolated wood. The effect of molding time and filler content on the flexural properties is also presented.