Research was performed into the use of hemp shive as a fast-growing and carbon-storing agricultural waste material in the production of particleboard for the construction industry. Hemp shives were acquired and prepared for board production with the use of milling and sieving to reach two target groups with 0.5 mm to 2 mm and 2 mm to 5.6 mm particle size ranges. The cold pressing method was used to produce hemp boards with Kleiberit urea formaldehyde resin as a binder. The boards were made as 19 mm thick single-layer parts with a density range of 300 ± 30 kg/m3, which qualifies them as low-density boards. Exploratory samples were made using milled hemp fibers with higher density. Additional components such as color pigments and wood finishes were added to test improved features over raw board samples. Tests were performed to determine moisture contents, density range, structural properties, and water absorption amounts. Produced board bending strength reached 2.4 MPa for the coarser particle group and thermal conductivity of 0.057 ± 0.002 W/(mK). The results were compared with existing materials used in the industry or in the development stage to indicate options of developed board applications as indoor insulation material in the construction industry.