A mathematical model is presented that describes heat and moisture transfer during the hot-pressing of MDF. The model includes conduction of heat between the press platens and the central layer of the mattress, phase change of water from the adsorbed to the vapor state and the convective heal and mass transfer through the edges of the mattress. This approach results in a three-dimensional unsteady-state problem in which the properties of the wood fibers, water and the wood-water system are dependent on temperature, mattress moisture content and steam pressure. For solving this problem, a finite difference scheme is used for the discretization of spatial variables and the resulting set of ordinary differential equations is solved using an appropriated ODE solver. This theoretical model is used to predict the evolution of temperature, moisture content, steam pressure and relative humidity with time at a given position in the mattress under typical operating conditions. Several plots are shown displaying the profiles of these four dependent variables along the three axes of the panel. The effects of temperature, moisture content and vapor pressure gradients on the physical properties of the system are also analyzed. These simulation results are useful to identify the controlling factors of hot-pressing operation in order to improve the quantitative understanding of the complex mechanisms involved in panel formation.