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Indoor formaldehyde is widely existed which poses a threat to residents’ physical health. In order to eliminate the risk of formaldehyde pollutant, individuals usually adopt formaldehyde air purifiers. In this empirical study, we aim to investigate individuals’ adoption intention of formaldehyde air purifier from the perspective of consumption values. Grounded in the Protective Action Decision Model, our research framework underlines the mechanism through which one’s personal knowledge and risk perception affect the perceived functional and non-functional values of formaldehyde air purifiers and subsequently impact the adoption intention. A survey is conducted to validate our model. This research contributes to the literature by enriching current understanding of individuals’ protective behavioral intention in the context of indoor formaldehyde.