The wood preservative is a compound that includes a water soluble wax that has a chemically basic pH that is about 9.5 to 13.5. The compound is blended with the wood being preserved. Subsequently, a silicate polymer with a basic pH that is chemically compatible with the wax pH and a viscosity of about 1 centipoise is further blended with the wood to form a matrix of wax and preservative that permeates the structure of the wood without chemically combining with the wood. The chips that form wood products of which oriented stand board is typical, are first dried to a moisture content of about 4% by weight and then blended with a resin to form with the wax a water repellant matrix for the wood preservative.