Carbonyl compounds are important oxygenated volatile organic compounds (VOCs) that play significant roles in the formation of ozone (O3) and atmospheric chemistry. This study presents comprehensive field observations of carbonyl compounds during an unusual wintertime ozone pollution event at a suburban site in Guangzhou, South China, from 19 to 28 December 2020. The aim was to investigate the characteristics and sources of carbonyls, as well as their contributions to O3 formation. Formaldehyde, acetone, and acetaldehyde were the most abundant carbonyls detected, with average concentrations of 7.11 ± 1.80, 5.21 ± 1.13, and 3.00 ± 0.94 ppbv, respectively, on pollution days, significantly higher than those of 2.57 ± 1.12, 2.73 ± 0.88, and 1.10 ± 0.48 ppbv, respectively, on nonpollution days. The Frame for 0-D Atmospheric Modeling (F0AM) box model simulations revealed that local production accounted for 62–88% of observed O3 concentrations during the pollution days. The calculated ozone formation potentials (OFPs) for various precursors (carbonyls and VOCs) indicated that carbonyl compounds contributed 32.87% of the total OFPs on nonpollution days and 36.71% on pollution days, respectively. Formaldehyde, acetaldehyde, and methylglyoxal were identified as the most reactive carbonyls, and formaldehyde ranked top in OFPs, and it alone contributed 15.92% of total OFPs on nonpollution days and 18.10% of total OFPs on pollution days, respectively. The calculation of relative incremental reactivity (RIR) indicates that ozone sensitivity was a VOC-limited regime, and carbonyls showed greater RIRs than other groups of VOCs. The model simulation showed that secondary formation has a significant impact on formaldehyde production, which is primarily controlled by alkenes and biogenic VOCs. The characteristic ratios and backward trajectory analysis also indicated the indispensable impacts of local primary sources (like industrial emissions and vehicle emissions) and regional sources (like biomass burning) through transportation. This study highlights the important roles of carbonyls, particularly formaldehyde, in forming ozone pollution in megacities like the Pearl River Delta region.