You will find some tutorials for making wood texture over the net. But this one is slightly different and provides better results.

Start off with a file 600*600 pixels and white background. With RGB color setting.

Goto Filter --> Render --> Fibers
Variance : 16.0
Strength : 4
(Press (Randomize) until you get a nice balanced texture)

Image --> Rotate Canvas --> 90 degrees (CW or CCW doesn't matter)

Filters --> Liquify
Use the twirl clockwise tool (C)
Brush Size : 100 - 150
Brush Density : 60 - 70
Brush Pressure : 80 - 90
Brush Rate : 100

Now click and drag the bush in the Right (Horizontal)direction (This is Right --> direction not Right --> Correct)
You must drag the brush slightly fast until you get a decent wood texture. And you need not drag it too far, just a small distance will do.
Repeat it at another place after changing some Parameters of your choice.

Now select turbulance tool (T)
Brush Size : 50 - 100
Brush Density : 70 - 80
Brush Pressure : 80 - 90
Brush Rate : 100
Turbulent Jitter : 50 - 60

Now drag an the brush horizontally. With moving it up and down like a sine wave.
Do it about 5 times until you get a realistic wood texture.

Now goto Filter --> Render --> Lighting Effects

Set the Light type to directional.
Intensity : 35
Gloss : -60
Material : 0
Exposure : 0
Ambience : 8
Texture Channel : (Red/Green/Blue) anyone of your choice
Select the white is high checkbox
Height : 5

Now you have got a nice texture but we need to enhance it more.
Image --> Adjustments --> Auto Levels

Now goto the channels tab and click on the second left button to create a new channel.
Goto Filter --> Render --> Fibers and render with same settings.
Edit --> Transform --> Rotate (and rotate it by 90 degrees)

Now come back to layers tab and select the Background Layer.
Now goto Filter --> Render --> Lighting Effects
Same settings
Texture Channel : The new channel you've created (mostly Aplha 1)
Height : 5

Now you have got a really good wood texture.

Just goto Image --> Adjustments --> Hue/Saturation
Check the colorize button
Hue : 30
Saturation : 40
Lightness : -35

Now the texture is complete but if you want to enhance it's effect then drag the background layer to the second button from the left to duplicate it.
Select the duplicated layer.
Then goto Image --> Adjustments --> Auto Levels
And select it's blending mode to multiply.

And there you go.

Tutorial written by: Nikhil Verma