Abstract: Polyaryl polymethylene isocyanates(PAPI) had been gradually attracted attention owing to their extremely high chemical activity, while their high chemical activity and poor water dispersibility limited the use of isocyanates. In this work, MPEG-RA was prepared by reaction of acyl chlorination of ricinoleic acid(RA) with polyethylene glycol monomethyl ether(MPEG), and the as-prepared MPEG-RA was introduced into PAPI as a virtual 'shell' through hydroxyl groups to build a virtual 'core(PAPI)-shell(MPEG-RA)' structure to prepare emulsifiable isocyanate(MPEG-RA-PAPI), which could improve the stability and water dispersibility of isocyanate. Then, the prepared MPEG-RA-PAPI was applied as wood adhesive to prepare plywood. The chemical structure, active group(-NCO) content stability and water dispersibility of the prepared MPEG-RA and MPEG-RA-PAPI were analyzed by Fourier transform infrared spectroscopy, chemical titration analysis, and laser particle size analyzer. The results showed that the prepared MPEG-RA-PAPI was the preset'core-shell' molecular structure. The prepared MPEG-RA-PAPI(R=n_-NCO/n_-OH=40) contained about 24% -NCO, and the content of -NCO did not decrease after one month of storage. The -NCO content of MPEG-RA-PAPI(R=40) emulsion was about 14% after storage for 8 h, which was significantly higher than that of MPEG-PAPI(about 4%), indicating that the structure improved the stability and water dispersibility of isocyanate. The prepared MPEG-RA-PAPI was applied to plywood. When the addition amount of MPEG-SA-PAPI was 20%, the water resistance of plywood could be significantly improved, the dry bonding strength was 1.80 MPa, the type II wet strength was 0.98 MPa, the type I wet strength was 0.77 MPa, and the working life reached nearly 5 h.