The aim of study was to determine the effects of grain direction on the lateral nail strength and thermal conductivity of structural plywood panels. Experiment were made with plywood manufactured from Scots pine, maritime pine and black pine. A rotary peeler with a maximum horizontal holding capacity of 80 cm was used for veneer manufacturing. The highest values of max load (2,17 kN), stiffness (2,52 kN/mm) and displacement at ultimate load (36,8 mm) were obtained from C1PR group panels manufactured from black pine. Also, it was determined the mechanical properties in perpendicular to grain were higher than those in parallel to grain. The black pine panels gave highest average thermal conductivity value (0,168 W/mK), while that of Scots pine was lowest (0,145 W/mK). Thermal conductivity of panels in perpendicular to the grain of main axis of plywood was always found to be higher than the values obtained from measurements parallel to the grain.