In this study, the influence of thermoforming conditions on the resulting material properties was investigated, which aimed at developing advanced wood-fiber-based materials for the replacement of fossil plastics. Two bleached softwood pulps were studied, i.e., northern bleached softwood Kraft pulp (NBSK) and chemi-thermomechanical softwood pulp (CTMP). The thermoforming conditions were varied between 2–100 MPa and 150–200 °C, while pressing sheets of 500 g/m² for 10 min to represent thin-walled packaging more closely. As our results showed, the temperature had a more pronounced effect on the CTMP substrates than on the Kraft pulp. This was explained by the greater abundance of lignin and hemicelluloses, while fibrillar dimensions and the fines content may play a role in addition. Moreover, the CTMP exhibited an optimum in terms of tensile strength at intermediate thermoforming pressure. This effect was attributed to two counteracting effects: 1) Improved fiber adhesion due to enhanced densification, and 2) embrittlement caused by the loss of extensibility. High temperatures likely softened the lignin, enabling fiber collapse and a tighter packing. For the Kraft substrates, the tensile strength increased linearly with density. Both pulps showed reduced wetting at elevated thermoforming temperature and pressure, which was attributed to hornification and densification effects. Here, the effect of temperature was again more pronounced for CTMP than for the Kraft fibers. It was concluded that the thermoforming temperature and pressure strongly affected the properties of the final material. The chemical composition of the pulps will distinctly affect their response to thermoforming, which could be useful for tailoring cellulose-based replacements for packaging products.