Rubberwood (Hevea brasiliensis) was treated with superheated steam (140–160 °C) for 1–3 h and then its adsorption ability, mechanical properties, and color changes were investigated. The results of adsorption show decreased equilibrium moisture content (EMC) for all heat-treated cases throughout the hygroscopic range. The Hailwood–Horrobin model was used to analyze the sorption isotherms and determine the monolayer and polylayer moisture contents for untreated and heat-treated rubberwood. The monolayer moisture content clearly decreased with treatment temperature and duration, whereas the reduction in polylayer moisture was relatively smaller. Moreover, the least density of water adsorption sites was found in wood after treatment at 160 °C for 3 h, indicating this as the cause for reduced equilibrium adsorption. All treatment conditions had improved mechanical properties, including compression parallel-to-grain, hardness, and tensile strength. The total color difference of the wood surface increased with increasing temperature and treatment duration.