4-Vinylguaiacol (4-VG) and 4-Ethylguaiacol (4-EG) are key aromatic compounds that contribute to the characteristic smoky and soy-like aromas of soybean paste, thereby influencing its overall flavor. 4-EG in soybean paste reached 13.76 mg/kg through the inoculation of two bacterial strains: Bacillus licheniformis, which promotes the production of 4-VG, and Wickerhamiella versatilis, which enhances the generation of 4-EG. The results indicated that the 4-VG produced by Bacillus licheniformis during fermentation can be converted into 4-EG by Wickerhamiella versatilis. Furthermore, Wickerhamiella versatilis promoted the development of ethyl ester flavors, which added sweet and fruity compounds to the soybean paste. Notably, the levels of alcohols and esters increased by 59 and 22 times, respectively, while the organic acid concentration increased by 1.5 times. This study underscored that both B. licheniformis and W. versatilis significantly enhance appealing smoky and fruity flavors through the production of 4-EG and aromatic compounds.