Liubao tea (LBT) with longer storage year is believed to have better sensory quality. The aroma characteristics and fungal community succession during the storage process of LBT were studied using LBT stored for 2-15 years as materials. The results showed that the aroma characteristics of LBT showed significant changes in 3 stages. After 10 years of storage, the sensory quality of LBT was notably improved, with herbal aroma beginning to emerge and a distinctly woody aroma. In addition, fungi were involved in the transformation of substances to affect the aroma quality during the storage of LBT. Aspergillus and Penicillium may help reduce musty and green odors and enhancing woody and herbal odors based on correlation analysis. This study provided useful information on the key aroma compounds and core functional microorganisms that drive the aroma characteristics formation of LBT during storage.