AI for Mathematics (AI4Math) is not only intriguing intellectually but also crucial for AI-driven discovery in science, engineering, and beyond. Extensive efforts on AI4Math have mirrored techniques in NLP, in particular, training large language models on carefully curated math datasets in text form. As a complementary yet less explored avenue, formal mathematical reasoning is grounded in formal systems such as proof assistants, which can verify the correctness of reasoning and provide automatic feedback. In this position paper, we advocate for formal mathematical reasoning and argue that it is indispensable for advancing AI4Math to the next level. In recent years, we have seen steady progress in using AI to perform formal reasoning, including core tasks such as theorem proving and autoformalization, as well as emerging applications such as verifiable generation of code and hardware designs. However, significant challenges remain to be solved for AI to truly master mathematics and achieve broader impact. We summarize existing progress, discuss open challenges, and envision critical milestones to measure future success. At this inflection point for formal mathematical reasoning, we call on the research community to come together to drive transformative advancements in this field.