This review systematically examined the effects of lipids on beef flavor, based on studies published over the past 20 years, focusing on the intrinsic factors that influence flavor. Research shows that enhancing beefy and roasted aromas can improve consumer preference, while undesirable oxidized and metallic aromas reduce acceptance. Key volatile organic compounds (VOCs) associated with flavor include several aldehydes (hexanal, nonanal, decanal, octanal, heptanal, pentanal, and (E,E)-2,4-decadienal), alcohols (1-octen-3-ol and 1-hexanol), 2-heptanone, 2-pentylfuran, and nitrogen- and sulfur-containing compounds (pyrazines and dimethyl sulfides). Fatty acids such as C18:1n9 and C18:2n6 and intramuscular fat significantly contribute to forming overall VOCs to develop the distinct beef flavor. Storage conditions such as high‑oxygen environments can facilitate lipid oxidation, resulting in off-flavors. Consequently, beef flavor develops through complex interactions between lipid properties and chemical reactions during storage and heating, with moderate oxidation playing a key role in developing desirable flavors.