The invention relates to a process for manufacturing a decorative veneer plywood, in which a relative displacement cannot happen between a veneer and a substrate, and a crackle cannot appear on the veneer. The process comprises the substrate, and comprises the following steps: (1) veneer processing, namely rolling paper or leather to be pasted for 25 to 30 seconds by a flat pressing machine at a temperature of between 150 and 170 DEG C, taking the paper or the leather out, laying the paper or the leather flatly, spraying fog on the surface of the paper or the leather, and cooling the paper or leather to prevent the paper or the leather from curling; (2) substrate processing, namely compensating putty to the surface of the substrate, drying, polishing the substrate with an electric abrasive finishing machine, making the flatness of the surface of the substrate reach that of a middle density plate; and (3) compounding, namely coating an adhesive on the processed surface of the substrate, pasting the processed paper or leather on the surface of the substrate, pressing in a cold press for 30 to 40 minutes, taking out, pressing in a hot press for 8 to 10 minutes under a pressure of between 5 and 8 MPa, and sawing edges after the plywood is pressed. The decorative veneer plywood has the advantages that: the decorative veneer plywood has no crack or displacement in the change of seasons, has high peeling strength, and does not have peeling phenomenon.