Walnuts are a source of high-quality vegetable oil and have a high lipid content and favorable fatty acid composition (a ratio of linolenic to linoleic acid approaching 1∶4). Walnut oil is rich in nutritional substance and has high edible and nutritional value, and plays an important role in regulating blood lipids, antioxidation, and enhancing immunity The commercial procedures for walnut oil production commercial using the traditional pressing methods of hot-pressed and cold-pressed were reviewed, and the key aroma compounds of walnut oil based on various flavor extraction methods were summarized. The current oil flavor enhancement technologies from the aspect of raw material pretreatment, leaching and enzymatic hydrolysis were reviewed in response to the bottleneck issue of weak flavor in cold-pressed walnut oil. The pathways of lipid oxidation and Maillard reaction and the mechanism of aroma enhancement at the molecular level were expounded. This study provides new ideas and new approaches for improving the flavor quality, in order to obtain the cold-pressed walnut oil with better flavor quality, and helps the development of cold-pressed walnut oil industry.