Abstract: To reduce the electricity and energy consumption required for temperature and humidity control during building operation, thermal management materials and passive humidity regulation materials have attracted extensive attention. Wood possesses a natural ability to regulate temperature and humidity, which can alleviate fluctuations in indoor temperature and humidity to some extent. However, its ability to regulate temperature and humidity does have certain limitations. To enhance wood’s performance in this area and meet the energy-saving requirements of modern buildings, relevant theories and fundamental research on temperature and humidity regulation are increasingly being emphasized. At the same time, research on smart regulations of indoor climate with wood materials has achieved numerous breakthroughs. This paper reviews the structure of wood and its natural temperature and humidity regulation properties, focusing on methods and mechanisms to enhance wood’s thermal management capabilities (including passive temperature regulation, radiative cooling, and thermal insulation) and humidity regulation abilities. Additionally, it briefly discusses the challenges and future development directions faced by the application of smart regulations of indoor climate with wood materials.