Plant-based removal of indoor formaldehyde is a widely studied method, yet little is known about the dynamic changes in this process. In this study, potted Sansevieria trifasciata Prain plants were exposed to 5-ppm formaldehyde gas concentration for 7 days. The results showed that formaldehyde exposure led to plant stress, affected photosynthesis, and damaged membrane lipids, as evidenced by a decrease in chlorophyll content, an increase in Chl a/b ratio and malondialdehyde content. However, the formaldehyde removal ability of the plants increased over the first 5 days, peaking at 18.02 mg h−1 kg−1 dry weight on the 5th day. This trend was correlated with changes in various indicators in the plant roots, including phytohormone and antioxidant enzymes. Notably, catalase activity in the roots behaved differently from other indicators. The indicators in the leaves showed turning points around the 3rd day due to the direct exposure of the leaves to formaldehyde. The relative abundance of endophytes indicated an increase in plant growth-promoting bacteria, which helped the plant cope with formaldehyde stress. The study suggests that under formaldehyde stress, plants manage active oxygen content by increasing phytohormones and regulating redox reactions. This enhances their tolerances to formaldehyde, thereby improving their ability to remove formaldehyde and aiding recovery after formaldehyde exposure.