Objective To explore the influence of formononetin on oxidative stress injury in gestational diabetes mellitus (GDM) rats by regulating nuclear factor erythroid-2-related factor 2 (Nrf2/hemeoxygenase-1 (HO-1)/NADPH quinone oxidoreductase-1 (NQO1) signaling pathway. Methods SD pregnant rats were injected intraperitoneally with streptozotocin to induce GDM model. Model rats were randomly grouped into the model group, the low-dose formononetin (50 mg/kg) group, the high-dose formononetin (100 mg/kg) group, the ML385 (Nrf2 inhibitor, 20 mg/kg) group, and the high-dose formononetin (100 mg/kg) + ML385 (20 mg/kg) group, 9 rats per group. Another 9 normal pregnant rats were regarded as the control group. After treatment with formononetin and ML385, body weight, serum fasting blood glucose (FSG), total cholesterol (TC), triglyceride (TG) levels, embryo survival rate, fetal body weight, the overall morphology and ultrastructure of placenta, levels of malondialdehyde (MDA), glutathione (GSH), superoxide dismutase (SOD) and total antioxidant capacity (TAC) in serum and placental tissue were detected in rats of each group. The protein expression of Nrf2/HO-1/NQO1 pathway in placental tissue of rats was also detected in each group. Results Compared with the control group, the placental ultrastructure was damaged in the model group, and the embryonic survival rate, serum and placental tissue GSH, SOD, TAC levels, placental tissue Nrf2, HO-1, NQO1 protein expressions were significantly decreased (P<0.05). Body weight, FSG, TG, TC, fetal body weight, serum and placental tissue MDA levels were significantly increased in the model group (P<0.05). Compared with the model group, symptoms of placental ultrastructural damage were alleviated in the low-dose formononetin group and the high-dose formononetin group, and the embryonic survival rate, serum and placental tissue GSH, SOD, TAC levels, placental tissue Nrf2, HO-1, NQO1 protein expressions were all increased (P<0.05). The body weight, FSG, TG, TC, fetal body weight, serum and placental tissue MDA levels were all decreased (P<0.05), and the effect of high dose of formononetin was stronger. Changes of all indexes in the ML385 group were contrary to those in the formononetin treatment group, and formononetin can reverse the oxidative stress damage of ML385 on GDM rats, improve the placental damage and adverse pregnancy outcome of rats. Conclusion Formononetin can reduce oxidative stress injury in GDM rats by activating Nrf2/HO-1/NQO1 pathway, thereby improving placental damage and adverse pregnancy outcomes in rats.