Traditional dry cured ham (DCH) is favored by consumers for its distinctive flavor, derived from an array of volatile organic compounds (VOCs). Microbiota play a pivotal role in the formation of VOCs. To fully comprehend the pathway by which the microbiota enhance the flavor quality of DCH, it is imperative to elucidate the flavor profile of DCH, the structural and metabolic activities of the microbiota, and the intricate relationship between microbial and VOCs. Thus far, the impact of microbiota on the flavor profile of DCH has not been comprehensively discussed or reviewed, and the succession of bacteria, especially at distinct phases of processing, has not been adequately summarized. This article aims to encapsulate the considerable potential of ferments in shaping the flavor characteristics of DCH, while elucidating the underlying mechanisms through which VOCs are generated in hams via microbial metabolism. Throughout the various stages of DCH processing, the composition of microbiota undergoes dynamic changes. Furthermore, they directly participate in the formation of VOCs in DCH through the catabolism of amino acids, metabolism of fatty acids, and the breakdown of carbohydrates. Several microorganisms, including Lactobacillus, Penicillium, Debaryomyces, Pediococcus, and Staphylococcus, exhibit considerable potential as fermenters in ham production.