A hydrophobic, electromagnetic shielding and corrosion-resistant wood-based composite was prepared via electroless deposition of a Ni–Mo–P ternary alloy on birch veneers. The effect of MoO₄²⁻ concentration on the structure and properties of plated veneers was studied. Samples were characterized by scanning electron microscopy-energy dispersive spectroscopy, X-ray diffractometry and X-ray photoelectron spectroscopy. The water contact angles, surface resistivity, electromagnetic shielding effectiveness, corrosion resistance and adhesive strength were measured. Scanning electron microscopy images showed that the birch veneer surfaces were covered with dense, continuous and uniform coatings, and the special wood structure still existed. X-ray diffractometry, energy-dispersive spectroscopy and X-ray photoelectron spectroscopy results showed that the coatings obtained from this experiment were crystalline, and consisted mainly of Ni, Mo and P. Birch veneers plated with crystalline Ni_91.71–Mo_7.07–P_1.22 films exhibited good hydrophobic properties with a water contact angle of 144°, high electrical conductivity with surface resistivity of 208 mΩ cm⁻² and electromagnetic shielding effectiveness above 45 dB from 9 kHz to 1.5 GHz and excellent corrosion resistance with a polarization resistance of 8244 Ω cm⁻². Adhesion test results showed that the Ni–Mo–P films adhered firmly to the wood surface. This study offers a new pathway for fabricating multifunctional wood-based composites.