Quantitative analysis of formaldehyde (HCHO, FA), especially at low levels, in various environmental media is of great importance for assessing related environmental and human health risks. A highly efficient and convenient FA detection method based on surface-enhanced Raman spectroscopy (SERS) technology has been developed. This SERS-based method employs a reusable and soft silver-coated TiO2 nanotube array (TNA) material, such as an SERS substrate, which can be used as both a sensing platform and a degradation platform. The Ag-coated TNA exhibits superior detection sensitivity with high reproducibility and stability compared with other SERS substrates. The detection of FA is achieved using the well-known redox reaction of FA with 4-amino-3-hydrazino-5-mercapto-1,2,4-triazole (AHMT) at room temperature. The limit of detection (LOD) for FA is 1.21 × 10−7 M. In addition, the stable catalytic performance of the array allows the degradation and cleaning of the AHMT-FA products adsorbed on the array surface under ultraviolet irradiation, making this material recyclable. This SERS platform displays a real-time monitoring platform that combines the detection and degradation of FA.