The invention discloses a method for manufacturing regenerated composite boards by using waste wood. The method comprises the following steps of: a, sorting waste wood materials into a massive wood material, sawdust wood shavings and waste veneers; b, crushing and decomposing the massive wood material; c, sorting with a needle roll screen, and obtaining extra large wood chips, qualified wood chips, thin wood shavings and wood meal impurities; d, treating the extra large wood chips according to the step b; e, processing the qualified wood chips into medium density fiber boards by a medium density fiber board manufacturing process; f, removing metal and sand from the thin wood shavings by winnowing, removing powder, gravel and metal impurities from the thin wood shavings by oscillation sorting to form qualified wood shavings, and manufacturing fiber shaving boards by a fiber shaving board production process; g, conveying the wood meal impurities to a fuel bin; h, treating the sawdust wood shavings according to the winnowing process of the step f; i, removing metal and sand from the waste veneers by hammer-type crushing, drying and sorting, and forming crushed materials, big wood shavings and thick wood shavings; and j, producing oriented shaving boards by an oriented shaving board production process.