Volatile chemicals containing nitrogen and sulfur as key odors in dry-cured meat products have extremely low odor thresholds. These compounds play an important part in the overall uniqueness and characteristic flavor of dry-cured meat products, contributing to savory and toasted aroma sensations, respectively. In this review, we define the different volatiles and aroma compounds related to the flavor of dry-cured meat products. Moreover, the main differences regarding volatiles, aromas, and flavor profiles from non-fermented and fermented dry-cured meat products are summarized. Comparisons using the same volatile extraction techniques revealed that dry loins contained the most sulfur- and nitrogen-containing compounds, while complex flavor and aroma compounds in fermented sausages were greatly impacted by the fermentation process. The screening and quantification of savory and toasted odors showed that methionol, dimethyl sulfide, and 2-methyl-3-(methylthio)furan were mainly reported in non-fermented products, whereas pyrazines were mainly detected in fermented meat products. Finally, the different mechanisms in the generation of savory and toasted aromas, including chemical reactions and biochemical reactions by microorganisms (bacteria, yeast, and molds), are discussed. These discussions will help to better understand the complex flavor of dry-cured meat products.