The invention discloses a formaldehyde scavenging agent and a formaldehyde scavenging method thereof. The formaldehyde scavenging agent comprises a plant component A, an essential oil component B and an adsorption component C, wherein the plant component A is prepared from, by weight, 3-8 parts of Chlorophytum comosum (Thunb.) Baker, 3-9 parts of Epipremnum aureum, 3-7 parts of Hedera nepalensis var. Sinensis (Tobl.) Rehd, 2-6 parts of aloe, 1-7 parts of Agave americana L., 2-5 parts of Sansevieria trifasciata Prain and 1-8 parts of Commelina communis; the essential oil component B is prepared from, by weight, 10-20 parts of ethanol, 5-15 parts of distilled water, 3-5 parts of peppermint oil, 1-2 parts of rose essential oil and 2-3 parts of spearmint oil; the adsorption component C is prepared from, by weight, 1-3 parts of attapulgite and 3-5 parts of bentonite by means of uniform mixing. In the formaldehyde scavenging method, a formaldehyde scavenging device is used for scavenging formaldehyde circularly. The formaldehyde scavenging agent and the formaldehyde scavenging method have the advantages of good formaldehyde scavenging effect and capabilities of improving air quality after formaldehyde scavenging and accelerating formaldehyde scavenging.