Atmospheric formaldehyde (HCHO) is considered as one of significant oxidization intermediate of most volatile organic compounds (VOCs). Previous studies using HCHO/NO2 ratio for ozone formation sensitivity are based on the hypothesis that HCHO is a reliable indicator for total VOC reactivity (VOCR), while few studies focused on evaluating this hypothesis. To reassess this assumption, three fitting methods have been proposed for correlation analysis between the HCHO and VOCR, showing the Pearson correlation coefficient increased in the following order: logarithmic fitting < linear fitting < exponential fitting. Near-surface HCHO VMRs and the exponent-transformed VOCR showed good agreement during the entire daytime, indicating that HCHO concentrations primarily depend on VOCR, especially at midday and afternoon. High correlation coefficients are not only found between the HCHO and VOCR, but also between the HCHO and ozone formation potential (OFP), implying that HCHO is strongly influenced by the photochemical oxidation of VOCs and closely linked to ozone formation. Furthermore, good consistencies were exhibited between TROPOMI HCHO VCDs and the calculated photochemical property parameters of NMHCs (e.g., Total NMHCs, VOCR, and OFP), suggesting that satellite-based HCHO columns can infer the VOCs emissions over large spatial areas. We also make an attempt to convert the concentration of HCHO to total Prop-equiv concentration of NMHCs based on the linear regression analysis method, which overestimates the measured values by about 16%. Our findings imply that HCHO has the feasibility being a proxy for VOCs, which also indirectly proves the reasonability of HCHO/NO2 ratio to indicate ozone sensitivity.