Squid fillets are susceptible to lipid oxidation and Maillard reaction during the drying process. In this study, a novel additive agent lipid-Maillard reaction products (L-MRPs) was optimized by response surface methodology, then the main antioxidant components of L-MRPs were identified. Finally, L-MRPs was applied to the drying process of squid fillets (LMSF) by comparing with the control group. The results showed that the optimal reaction conditions were pH 10.90, lipid content 1.70 %, reaction temperature 104 °C, reaction time 105 min. The DPPH radical scavenging activity of final L-MRPs was 89.78 %. The main antioxidant components of L-MRPs were Fru-Arg (19.31 μg/g), pyrroles (762.04 μg/g) and other HCCs (293.97 μg/kg). Besides, compared to the control group, LMSF group showed lower thiobarbituric acid reactive substances value (4.58 mg/kg) and formaldehyde content (17.00 mg/kg), but more flavor compounds (455.78 μg/kg) and higher sensory scores. Finally, the potential antioxidant and flavor-enhancing mechanism of L-MRPs was proposed.