An apparatus to co-produce formaldehyde and UFC (urea-formaldehyde concentrate) by iron-molybdenum process comprises a methanol evaporator, a methanol oxidizer and an absorbing column; fresh air and methanol vapor are mixed in the methanol evaporator, and formaldehyde is generated in the methanol oxidizer; formaldehyde vapor enters the absorbing column via the methanol evaporator; in the absorbingcolumn, the formaldehyde vapor is liquefied, and a liquid formaldehyde product is attained from the bottom; urea and an alkali liquid are added into the absorbing column to react with the formaldehyde to obtain UFC. The apparatus has the advantages that consumption indexes are good, single consumption of formaldehyde is 0.422-0.426 t, byproduct vapor specification is high, up to 22 bar 0.75 t / t,oxidation temperature is controlled to 245-380 DEG C, the methanol oxidizer has designed life up to 20 years and longer, the whole apparatus has designed life of not shorter than 35 years, the apparatus is suitable for flexibly producing formaldehyde products having a concentration of 37-55%, UFC can be produced just by proportionally adding an alkali liquid, and in order to further increase absorbing efficiency of process water, sodium hydroxide solution can be injected into the system to remove the byproduct, formic acid.