The paper describes the development and validation of a new derivatization-free liquid chromatography method for simultaneous determination of propylene glycol and formaldehyde in the formulations containing formaldehyde-releasing preservative. Highly swollen hydrogel made of poly(ethylene glycol)-protein conjugates was taken as a model formulation for integration of the propylene glycol and the diazolydinyl urea as formaldehyde releaser. The method is shown to be simple and selective and, more importantly, allows determining an existing level of formaldehyde at the moment of analysis instead of all available formaldehyde that might be released during chemical derivatization. After liquid extraction the propylene glycol (PG) and formaldehyde (FA) amounts are determined chromatographically on a Shodex SH 1011 ligand-exchange column using 0.01 M sulfuric acid mobile phase, a flow rate of 1.0 ml/min and RI detection. The assay is validated showing good linearity, precision, and accuracy. The limits of detection of formaldehyde and propylene glycol in the analyzed solutions were estimated to be 25 ng and 87 ng, respectively. This analytical assay is considered useful for product stability studies and in developing new formaldehyde releaser-containing formulations where the concentration of formaldehyde is a presumable subject of labeling requirements. This method can also provide a rapid and convenient alternative to gas chromatography method of propylene glycol quantification.