砍伐 is the formal verb for felling trees — used in environmental, forestry, and policy contexts (
滥砍滥伐 lànkǎn lànfá = reckless deforestation). For everyday 'chop wood' you'd just say
砍 (kǎn) or
砍柴 (kǎnchái).
伐 alone is literary and also means 'to attack' or 'to crusade.'