In recent years, deep learning has made significant progress in wood panel defect detection. However, there are still challenges such as low detection , slow detection speed, and difficulties in deploying embedded devices on wood panel surfaces. To overcome these issues, we propose a lightweight wood panel defect detection method called YOLOv5-LW, which incorporates attention mechanisms and a feature fusion network.Firstly, to enhance the detection capability of acceptable defects, we introduce the Multi-scale Bi-directional Feature Pyramid Network (MBiFPN) as a feature fusion network. The MBiFPN reduces feature loss, enriches local and detailed features, and improves the model's detection capability for acceptable defects.Secondly, to achieve a lightweight design, we reconstruct the ShuffleNetv2 network model as the backbone network. This reconstruction reduces the number of parameters and computational requirements while maintaining performance. We also introduce the Stem Block and Spatial Pyramid Pooling Fast (SPPF) models to compensate for any accuracy loss resulting from the lightweight design, ensuring the model's detection capabilities remain intact while being computationally efficient.Thirdly, we enhance the backbone network by incorporating Efficient Channel Attention (ECA), which improves the network's focus on key information relevant to defect detection. By attending to essential features, the model becomes more proficient in accurately identifying and localizing defects.We validate the proposed method using a self-developed wood panel defect dataset.The experimental results demonstrate the effectiveness of the improved YOLOv5-LW method. Compared to the original model, our approach achieves a 92.8\% accuracy rate, reduces the number of parameters by 27.78\%, compresses computational volume by 41.25\%, improves detection inference speed by 10.16\%