This study looked at how to establish effluent limitation standards for formaldehyde, a toxic chemical widely used in industries. To this end, we reviewed Water Quality Based Effluent Limitation (WQBEL), Technology Based Effluent Limitation (TBEL), and water quality criteria for protection of human health and aquatic organism. Based on the results, we estimated formaldehyde effluent limitation standards appropriate to control water quality of industrial wastewater in Korea. However, this study has limits due to the lack of some data necessary in estimating formaldehyde effluent limitation. For example, although water quality criteria based on non-carcinogenic properties of formaldehyde were calculated, those based on carcinogenic properties were not be able to estimate because of the absence of applicable cancer potency factor q1. Without applicable factor, we calculated water quality standards for formaldehyde based on water quality criteria of advanced countries including the United States, while with no water quality standard we referred to applicable drinking water quality standards of other countries. For eco-toxicity based on water quality criteria, proper figures could not be calculated since there have been few reliable data.