To investigate the characteristics and sources of volatile organic compounds (VOCs) as well as their impacts on secondary organic aerosols (SOAs) formation during high-incidence periods of PM2.5 pollution, a field measurement was conducted in December 2019 in Hefei, a typical city of the Yangtze River Delta (YRD). During the whole process, the mixing ratios of VOCs were averaged as 21.1 ± 15.9 ppb, with alkanes, alkenes, alkyne, and aromatics accounting for 59.9%, 15.3%, 15.0%, and 9.8% of the total VOCs, respectively. It is worth noting that the contributions of alkenes and alkyne increased significantly during PM2.5 pollution periods. Based on source apportionment via the positive matrix factorization (PMF) model, vehicle emissions, liquefied petroleum gas/natural gas (LPG/NG), and biomass/coal burning were the main sources of VOCs during the research in Hefei. During pollution periods, however, the contribution of biomass/coal burning to VOCs increased significantly, reaching as much as 47.6%. The calculated SOA formation potential (SOAFP) of VOCs was 0.38 ± 1.04 µg m−3 (range: 0.04–7.30 µg m−3), and aromatics were the dominant contributors, with a percentage of 96.8%. The source contributions showed that industrial emissions (49.1%) and vehicle emissions (28.3%) contributed the most to SOAFP during non-pollution periods, whereas the contribution of biomass/coal burning to SOA formation increased significantly (32.8%) during PM2.5 pollution periods. These findings suggest that reducing VOCs emissions from biomass/coal burning, vehicle, and industrial sources is a crucial approach for the effective control of SOA formation in Hefei, which provides a scientific basis for controlling PM2.5 pollution and improving air quality in the YRD region.