This work comprehensively investigated the constituents, sources, and associated health risks of ambient volatile organic compounds (VOCs) sampled during the autumn of 2020 in urban Nanjing, a megacity in the densely populated Yangtze River Delta region in China. The total VOC (TVOC, sum of 108 species) concentration was determined to be 29.04 ± 14.89 ppb, and it was consisted of alkanes (36.9%), oxygenated VOCs (19.9%), halogens (19.1%), aromatics (9.9%), alkenes (8.9%), alkynes (4.9%), and others (0.4%). The mean TVOC/NO_x (ppbC/ppbv) ratio was only 3.32, indicating the ozone control is overall VOC-limited. In terms of the ozone formation potential (OFP), however, the largest contributor became aromatics (41.9%), followed by alkenes (27.6%), and alkanes (16.9%); aromatics were also the dominant species in secondary organic aerosol (SOA) formation, indicative of the critical importance of aromatics reduction to the coordinated control of ozone and fine particulate matter (PM_2.5). Mass ratios of ethylbenzene/xylene (E/X), isopentane/n-−pentane (I/N), and toluene/benzene (T/B) ratios all pointed to the significant influence of traffic on VOCs. Positive matrix factorization (PMF) revealed five sources showing that traffic was the largest contributor (29.2%), particularly in the morning. A biogenic source, however, became the most important source in the afternoon (31.3%). The calculated noncarcinogenic risk (NCR) and lifetime carcinogenic risk (LCR) of the VOCs were low, but four species, acrolein, benzene, 1,2-dichloroethane, and 1,2-dibromoethane, were found to possess risks exceeding the thresholds. Furthermore, we conducted a multilinear regression to apportion the health risks to the PMF-resolved sources. Results show that the biogenic source instead of traffic became the most prominent contributor to the TVOC NCR and its contribution in the afternoon even outpaced the sum of all other sources. In summary, our analysis reveals the priority of controls of aromatics and traffic/industrial emissions to the efficient coreduction of O₃ and PM_2.5; our analysis also underscores that biogenic emissions should be paid special attention if considering the direct health risks of VOCs.