Time Machine after Format?

I'm about to wipe my laptop, it needs a fresh start. My question is, what happens to my Time Machine? Can I still enter into the Time Machine and go back in time to get my files? Can I backup to the same Time Machine or do I need to get another one?

If you're going to do a reinstall for whatever reason, you can use the Time Machine backup to restore all at once or use it later on to restore data a bit at a time.