Incorporating recycled wood fibers made from waste wood into ordinary Portland cement mortar adversely affects its hydration characteristics, mechanical properties and durability, thereby limiting the promotion and application of cement-based materials containing recycled wood fibers. In this study, using high belite cement (HBSC) as cementation material, recycled wood fiber was obtained from waste board after crushing, refining and beating treatment, and lightweight and high-toughness high belite cement mortar was prepared under forming pressure of 50.0 kN, and the mechanical properties and shrinkage properties of mortar under different water-cement ratios were studied. The results show that the lower water-cement ratio plays a positive role in improving the performance of HBSC mortar. As the binder-wood fiber ratio increases from 0.8 to 3.0, the dry density of HBSC mortar of recycled wood fiber increases continuously, and the highest is 1 408 kg/m³, the compressive strength, flexural strength and shrinkage rate of mortar increase continuously. The 28 d compressive strength of mortar increases from 15.7 MPa to 32.4 MPa, and the 28 d flexural strength increases from 6.3 MPa to 12.2 MPa. The 28 d maximum shrinkage rate of mortar under different water-cement ratios is lower than 40.0×10^-5, the thermal conductivity is 0.317 6 W/(m·K), and the lightweight, high toughness, and insulation effect of recycled wood fiber high belite cement HBSC mortar are remarkable. In addition, the microscopic test results show that when the binder-wood fiber ratio is 3.0, the hydration of cement mortar is the most adequate and the internal pore structure is the most dense. This study can provide reference for the application of recycled wood fibers in lightweight, high-strength, and high-toughness insulation wall materials.