Alcoholic beverages are a crucial segment of the global food industry, with water and ethanol serving as their foundational components. Trace compounds, though present in minute quantities, significantly influence the flavor complexity and sensory quality of these beverages. Understanding the flavor formation mechanisms in alcoholic beverages has emerged as a key research area. Whisky, a global esteemed spirit, is discussed thoroughly in this review with regard to its diverse flavor characters and distinctive flavor formation mechanisms. Chemical compositions and their organoleptic contributions were generalized, highlighting the intricacies of flavor development. Furthermore, flavor formation patterns and potential compound interactions were proposed based on various production processes, including raw material selection, fermentation, distillation, and aging. Additionally, non-volatile compounds were thoroughly reviewed on their gustatory and olfactory implications, emphasizing their subtle yet significant contributions to the overall sensory experience. The review also discusses sensory interactions among diverse flavor compounds, offering insights into the complex interaction and suggesting future research directions in whisky flavor analysis and other alcoholic beverages. Instrumental analysis techniques and authentication methods are reviewed, providing valuable perspectives for advancing the analytical landscape. This comprehensive overview pioneers an understanding of whisky's flavor profile and underlying flavor formation mechanisms, while proposing innovative concepts for flavor interaction investigations, serving as a pivotal reference for future research.