Headspace solid phase microextraction-gas chromatography-mass spectrometry technology was used to separate and identify the volatile flavor compounds in the fruiting bodies of Stropharia rugosoannulata at different drying periods, and the changes of volatile flavor compounds in the drying process under the condition of hot air drying at 55℃ constant temperature was explored. A total of 245 volatile flavor compounds were identified in the whole drying process, including 34 aldehydes, 29 esters, 40 alcohols, 37 ketones, 7 acids, 24 alkanes, 26 olefins and 48 other compounds. Aldehydes, ketones and alcohols accounted for a relatively large proportion, and the sum of the three contents accounted for 65.49%-89.30% of the total content, which were the main volatile substances in Stropharia rugosoannulata. A total of 45 key odor compounds were screened out through the thermal analysis of odor activity value combined with partial least squares discriminant analysis. Among them, 1-octene-3-ketone was always the compound with the largest contribution to the odor during the drying process, and there were 20 different compounds before and after the drying process. The comprehensive analysis showed that the aroma change law of Stropharia rugosoannulata during the drying process was as follows:with the drying process, the odors of soil and grass gradually weakened, and the flavors of coke and malt presented in the late drying process, but the mushroom flavor and soil odor were still the key flavor characteristics of Stropharia rugosoannulata during the whole process.Determination of key enzyme activities in the main metabolic pathways of aldehydes, ketones and alcohols, indicated that the enzyme would be activated by heat, and the enzyme activity showed a significant downward trend as a whole during the drying process. There was almost no activity at the end of the drying process. The correlation analysis between the metabolic enzyme activity and the corresponding compound content showed that lipoxygenase had a strong positive correlation with aldehydes and ketones, alcohol dehydrogenase had a strong negative correlation with alcohols. It was consistent with the dynamic change trend of aldehydes, ketones and alcohols during the drying process.