There are so many different type of particle board, the one you are referring to is in question.
There is OSB, MDF, and many others.
OSB does not do well with paint, the chips develope ragged tails on some boards. MDF or the particle board made from fine saw dust and glue that has that smooth surface can be painted. At least I have done it and it looks good. I primed it first with a good primer with several coats then applied my finish coat. I would NOT use oil because of its long drying time you might get some release of the particles using oil. Latex being dry in one hour or so does not have time to melt the particles.