Experimental quantum yields of the photolysis of formaldehyde at lambda > 310 nm are combined with absolute and relative rate calculations for the molecular elimination H2CO -> H-2 + CO (1), the bond fission H2CO -> H + HCO (2), and the intramolecular hydrogen abstraction H2CO -> H center dot center dot center dot HCO -> H-2 + CO (3) taking place in the electronic ground state. Temperature and pressure dependencies of the quantum yields are analyzed with the goal to achieve consistency between experiment and modeling. Two wavelength ranges with considerably different properties are considered: 340-360 nm, where channel 1 competes with collisional deactivation of excited molecules, and 310-340 nm, which is dominated by the competition between the formation of radical and molecular products. The close relation between photolysis and pyrolysis of formaldehyde, such as analyzed for the pyrolysis in the companion paper, is documented and an internally consistent treatment of the two reaction systems is provided. The quantum yields are modeled and represented in analytical form such that values outside the available experimental range can be predicted to some extent.