Oil palm plantations have expanded rapidly in Southeast Asia, particularly in Indonesia and Malaysia. A lot of products, including food and other edible products, oleo-chemicals, cosmetics, personal and household care, pharmaceutical products, and biodiesels are derived from palm oil, thus making them one of the most economically important plants. After 25–30 years of age, the palms are felled and replaced due to declining oil production. Oil palm trunks (OPT) are considered significant waste products. The trunks remain on the plantation site for nutrient recycling or burning. This increases insect and fungi populations causing environmental problems for the new palm generation or air pollution due to the fire. Up till now, OPT has received less attention in research studies. Therefore, this review summarizes the utilization of OPT into products made of oil palm fibers mainly derived from OPT and its application as the substitution of wood panel products. Some research works have been carried out on oil palm fibers that are derived from OPT for exploiting their potential as raw material of composite panel products, which is the objective of this review. Areas of development are processed into various conventional composite panel products such as plywood and laminated board which are usually predominantly made of wood and bonded by synthetic resins, particleboard with binder, or binderless and cement board which is arranged with wood as a minor component. All of the products have been presented and described technically according to best knowledge of the authors and literature review.