The chemical formula for acetone is C3H6O. Acetone is used as a solvent to dissolve other substances, such as paints, varnishes, lacquers, fats, oils, waxes, resins, printing inks, plastics, and glues.It is used to make plastics, fibers, drugs, rayon, photographic film, smokeless powder, and other chemicals.cetone is a colorless and highly flammable manufactured liquid. It has a distinctive fruity or mint-like odor and a pungent taste. It is also found naturally in plants, trees, volcanic gases, and forest fires, and as a by-product of the breakdown of body fat.