In this paper we study cohomology and deformations of Jacobi-Jordan algebras. We develop their formal deformation theory. In particular, we introduce a method to construct a versal deformation for a given Jacobi-Jordan algebra, which can induce all deformations and is unique on the infinitesimal level. We construct formal 1-parameter deformations of Jacobi-Jordan algebras up to dimension 5 and versal deformations for 3-dimensional Jacobi-Jordan algebras.