A total of 342 specimens of eucalyptus laminated veneer lumber were tested in static compression to study the predicting model for compressive strength. The effects of an angle to grain and an angle to glue line were also investigated. The compressive strengths of specimens were fitted by exponential model, Hankinson formula, Norris formula and GB 50005—2003 formula, and the fitting degree of 4 used models was compared by chi square test. The results indicate that both compressive strength and elastic modulus significantly decrease with the increase of an angle to grain or an angle to glue line. Three kinds of failure modes with compressive test are wood fiber fold, shear failure and crushing failure. Exponential model, Hankinson formula and Norris formula fit the measured compressive strength better. On the contrary, the compressive strength measured is far less than that fitted by GB 50005—2003 formula.