Volatile organic compounds (VOCs) are the main precursors of pollution from ground ozone (O3) and PM2.5, which cause the deterioration of urban air quality. The emissions of VOCs from industrialized areas are significant and their characteristics are complex, which nowadays contribute significantly to the challenges of investigating the emission inventory. Taking a typical industrialized area in Tianjin as a case study, the anthropogenic VOCs emission inventory for 2020 was established in this study by using the activity data from a large-scale survey and the latest emission factors. The impact of VOCs on the environment was analyzed from the perspective of the combined control of PM2.5 and O3. The results showed that the total emission of VOCs in 2020 was about 1.68 Gg, mainly from industrial processes and mobile sources, which accounted for 38.4% and 36.5% of the total emissions, respectively. The top 10 emitted VOCs were toluene, acetone, ethylbenzene, m/p-xylene, i-pentane, n-hexane, formaldehyde, benzene, ethyl acetate and ethylene. The dominant species of O3 formation potential (OFP) were almost all aromatic hydrocarbons and alkenes, with m/p-xylene contributing the most to the OFP emissions (8.90%). The top 10 secondary organic aerosols formation potential (SOAP) emission species were aromatic hydrocarbons and long-chain alkanes, and the largest emission came from toluene (39.9%). An analysis of an ADMS diffusion model showed that VOCs emitted from traffic-heavy main roads and industrialized central areas had the greatest impact on the air quality in the surrounding areas. The VOCs concentration was higher in winter due to unfavorable meteorological conditions. Our research updated the VOC inventory of industrialized areas and evaluated VOCs species reactivity and their impact on ambient air quality.