LVL panels have been employed for structural purposes on a large scale, replacing not only solid wood, but also other materials, due to their high mechanical properties combined with an ecological appeal. This study aimed to investigate the degradation which occurred in hybrid LVL panels composed of pine and eucalypts woods from fast-growing plantations, layered as six different combinations of five veneers. In order to evaluate the behaviour of the panels underwater immersion, some samples were subjected to an ageing process performed prior to mycological tests. For characterization, mass loss, colourimetric properties (CIELAB method) and Janka Hardness were the used parameters. The results indicated that the panels made with adjacent eucalypts veneers were more susceptible to water immersion. The panels made with pine veneers as cores showed lower hardness. The hybrid panels combined high durability and good water resistance.