In the troposphere, ozone (O3) formation can be limited by NOx, VOCs, or both, complicating efforts to reduce O3 by controlling its precursors. This study used formaldehyde (HCHO) data and nitrogen dioxide (NO2) data from the Ozone Monitoring Instrument (OMI) to analyze O3 formation sensitivity in Fujian from 2012 to 2021. Over the past decade, an 8.7% reduction in NO2 VCDs and a 9.91% increase in HCHO VCDs were observed. Due to differences in the primary driving factors, HCHO VCDs exhibit a characteristic seasonal pattern with higher in summer and lower in winter, whereas NO2 VCDs show the opposite trend. O3 formation chemistry was accurately diagnosed by combining satellite-based data and ground-based O3 data. A new threshold value (3.3–4.6) was derived to determine the transition from VOC-limited to NOx-limited O3 formation regimes. Results showed that O3 sensitivity exhibited pronounced seasonal variations. The VOC-limited regime predominates throughout the entire Fujian region in winter, whereas it occupies only 5% of the area in summer. A VOC-limited region was found widely across Fujian on an annual average, but it decreased by 24% over 10 years. Transitional areas experienced a 19% increase. In two natural emission reduction cases (reductions during the Chinese Lunar New Year holiday and reductions in weekend traffic emissions compared to weekdays), ground-level O3 effectively captured the impacts of sensitivity changes. The impact suggests that when Fujian is in the VOC control region, a significant reduction in NOx, without effective VOC control, might lead to an O3 increase. The importance of controlling VOC emissions is highlighted in Fujian. This study enhances the understanding of O3 formation regimes in southeastern China, which is crucial for developing O3 prevention and control strategies.