People currently spend more than 80% of their time indoors; therefore, the management of indoor air quality has become an important issue. The contamination of indoor air can cause sick house syndrome and various environmental diseases such as atopy and nephropathy. Formaldehyde gas, which is the main contaminant of indoor air, is lethal even with microscopic exposure; however, it is commonly used as an adhesive and waterproofing agent for indoor building materials. Therefore, there is a need for a gas sensor capable of detecting trace amounts of formaldehyde gas. In this review, we summarize recent studies on metal oxide-based semiconductor gas sensors for formaldehyde gas detection, methods to improve the gas-sensing properties of metal oxides of various dimensions, and the effects of catalysts for the detection of parts-per-billion level gases. Through this, we discuss the necessary characteristics of the metal oxidebased semiconductors for gas sensors for the development of next-generation sensors.