This thesis is focused on integration of multifunctional properties (heat insulation, vibration, damping, impact resistance) in lightweight sandwich panels with plywood components. It is proven than lightweight sandwich structures are the most efficient way of applying plywood for large span load-bearing applications. It allows to save significant amount of material and also to reduce weight of the structures. In addition, there is a possibility to integrate additional function in sandwich panel core by placing additional material like foam or optimizing layout of stiffeners to increase performance in other fields. However, to fully employ a multifunctional potential of plywood sandwich panels reliable and safe design methodology should be developed. The detailed description of numerical and experimental investigation along with validated design methodology has been provided in current thesis. Chapter 1 gives a review of accumulated knowledge in development of lightweight wood based sandwich panels. The main motivation behind design of novel sandwich materials is material saving, lightweightness and consumption of wood processing surplus. Efforts of acquiring input data (mechanical and thermal properties) for sandwich panel modelling is summarized in Chapter 2. It has been found that there is great difference between clear wood specimens and properties of compressed veneer with adhesive. Aspects of numerical modelling for sandwich panels with I-type stiffeners and corrugated core is described in details in Chapter 3 along with experimental validation. Methodology of design of lightweight sandwich panels to match bending performance of conventional plywood boards is approbated in scaffolding deck application. The initial performance of plywood sandwich panels could be greatly improved by introducing thermoplastic composite corrugated core as shown in Chapter 4. One-shot prototyping technology of this novel sandwich panel has been developed. The benefits of non-contacts measurement systems in validation of numerical models are given in Chapter 5 on the example of cellular wood core sandwich structure. Optimization of mechanical and thermal performance of sandwich panels with natural foam core is given in Chapter 6. Based on acquired Pareto optimality front it is possible to pick the most efficient design between three response values. Evaluation of vibration damping in Chapter 7 indicates that sandwich panels have an advantage of vibration damping due lower stiffness. The results of impact tests in Chapter 8 shows that thin elastic middle layer improve penetration resistance of plywood board. Impact resistance of large thickness panels is mainly dependant on surface layer.