Abstract: We investigated the emission characteristics of volatile organic compounds (VOCs) from the injection molding and hot-melt extrusion processes in typical ABS/PP plastic product manufacturing enterprises, and explored their impact on ozone formation potential (OFP), odor pollution, and environmental health. The results indicated that the stack emission concentration of VOCs from hot-melt extrusion (41.5 mg/m³) was significantly higher than that from injection molding (1.24 mg/m³), while the fugitive emission concentration of VOCs from hot-melt extrusion (1.66 mg/m³) also exceeded that of injection molding (1.25 mg/m³). Alkanes and aromatic hydrocarbons were identified as the dominant contributing species for both processes. OFP analysis revealed that alkanes and aromatic hydrocarbons were the primary contributors to OFP in injection molding and hot-melt extrusion, respectively, suggesting the need for targeted control measures. In terms of odor pollution, the odor intensity of hot-melt extrusion was significantly higher than that of injection molding, with complex odor components such as styrene and acetaldehyde detected at the exhaust outlets, while aldehydes dominated in injection molding. Health risk assessment demonstrated that the total carcinogenic risk at the exhaust outlets significantly exceeded the threshold, primarily attributed to ethylbenzene, benzene, and 1,3-butadiene. The main contributors to non-carcinogenic risks were acrolein, styrene, and 1,3-butadiene. Specifically, acrolein in injection molding and styrene in hot-melt extrusion posed relatively high non-carcinogenic risks.