The work aims to endow paper-based material with formaldehyde adsorption performance to improve its application value in formaldehyde removal. The raw material, sodium p-aminobenzoate modified sepiolite was mixed with ground calcium carbonate, styrene-butadiene latex, and sodium polyacrylate dispersant to prepare formaldehyde removal paint, which was then applied to paper made from waste container board to investigate the effect of paint formulation and coating amount on the properties of coated paper. The results showed that when the coating amount was 18g/m2, the coated paper exhibited the best physical properties, with the tensile index, burst index, and ring crush index increasing by 52.6%, 60%, and 59.8% respectively compared with uncoated paper. The formaldehyde adsorption capacity of the coated paper prepared with paint containing 70% modified sepiolite was 226.75 ug/g. The coated paper prepared from waste container board and modified sepiolite demonstrates outstanding formaldehyde adsorption performance and physical properties.