Nowadays, it is a great challenge to eliminate toxic and harmful organic pollutants from air and water. This paper reviews the role of TiO2 as a photocatalyst, light source and photoreactor in the particular case of removal of formaldehyde using the photocatalytic reaction by titanium dioxide (TiO2) in aqueous and gaseous systems. The reaction mechanisms of the photocatalytic oxidation of gaseous formaldehyde are given. We also present a detailed review of published articles on photocatalytic degradation of formaldehyde by modified titanium dioxide doped with foreign species such as metal and non-metal components. We point out the most prospective developments of the photocatalyst compositions for the future potential commercial applications.