Read the label on the wood preservative can. It often has an expiration or "use by" date.
Look for pentachlorophenol or CCA -- chromated copper arsenate -- on the list of ingredients. Creosote is another dangerous ingredient. If the wood preservative does not contain any of these, then it is safe to use as long as it was stored properly and not too thick.
Donate the wood preservative if it contains pentachlorophenol or creosote. This type of wood preservative has been restricted for use by the general public since 1985, as stated by St. Clair County. Check with local building contractors, railroad companies, landscaping businesses and even general contractors because they may be able to use it legally. Pentachlorophenol is most often used for utility poles.