Photochemical characteristics of ozone ($O_3$) and its precursors such as $O_3$ budget and $O_3-NO_x$-VOC sensitivity were analyzed in different physico-chemical properties of air masses around the Mexico City Metropolitan Area (MCMA) using aircraft observations during March 2006. The physico-chemical properties of air masses were categorized into 5 groups: boundary layer (BL), biomass burning (BB), free tropospheric continent (FTCO) and marine (FTMA), and Tula industrial complex (TIC). Results from the $O_3$ budget analysis indicated that $O_3$ production for BL, FTCO, and FTMA (for BB and TIC) was mainly controlled by a photochemical production pathway, a reaction of NO with $HO_2$ (with $RO_2$), while the main pathway of photochemical $O_3$ destruction for BL, FTCO, and FTMA (for BB and TIC) was a reaction of $HO_2$ with $O_3$ (of $H_2$ with $O^1$(D)). In addition, most of air mass categories (especially FTCO) were estimated to be $NO_x$-sensitive for $O_3$ production with lower $NO_y$, higher ratios of the other indicator species (e.g., $O_3/(NO_y-NO_x$), $H_2O_2/HNO_3$, etc.), and the lower removal rate of radicals ($leq$0.5) by the reaction of OH with $NO_2$ than those of the VOC-sensitive condition.