Traditional solvent-based adhesives used in the foot-wear industry have been demonstrated as harmful to the workers' health and environment. Solvent-free three-component adhesives (hot-melt adhesives or HMAs) for various applications including the leather and footwear industry are becoming more and more attractive. Thus, the formulation of a three-component HMA was realized in this study. Thermogravimetry, differential scanning calorimetry, and the apparent strength of the adhesive bond were used to investigate the relationship between their properties and the polymer/wax/resin compositions. The thermal stability of HMA formulations was determined and compared with thermal traces based on an additive weight computation of the single components' thermal profiles. All HMA formulations showed a direct relationship between the glass-transition temperature and the apparent adhesive shear strength at the leather-rubber interface.