As an important anthropogenic source of volatile organic compounds (VOCs), industrial emissions have a significant impact on air quality and human health. In this study, the characteristics, chemical reactivities, and health risks of VOCs around an industrial park in Zibo were analyzed at two sampling sites. The results showed that the concentrations of total VOCs at Dongzhang Community (DZ) and Special School (SS) sites were 113.12 ppb and 139.40 ppb, respectively, with oxygenated VOCs (OVOCs) as the most abundant species, accounting for 42–45%, followed by alkanes (19.3–19.6%). Diurnal variation of OVOCs exhibited noticeable peaks at 3:00, which may be related to the nighttime sneaky emissions of some enterprises. OVOCs were the species with the highest photochemical activity, with an average contribution of 56.5% to OH radical loss rate and 57% to ozone generation. In addition, OVOCs contributed 40% to secondary organic aerosol formation potential at both sites, second only to aromatics (55%). Acrolein and 1,2-dichloropropane presented the highest non-cancer and cancer risks to human health. The results highlight the importance of OVOCs in some industrial areas.