Comprehensive analyses were accomplished to explore the odorous molecules responsible for off-odour development in earthen-ponds rainbow trout (Oncorhynchus mykiss) aquaculture farming in Germany. In this part of the study, water odorants were extracted using solvent-assisted flavour evaporation (SAFE); then, extracts were analysed by one- and two- dimensional high resolution gas chromatography coupled with olfactometry and mass spectrometry using two columns with different polarity (DB-FFAP and DB-5). Aroma extract dilution analysis (AEDA) of the solvent extract samples revealed 54 odorants, and 47 of them were identified. In this study, a series of compounds is described for the first time in German earthen-ponds rainbow trout aquaculture water including, amongst others, 4-hydroxy-2,5-dimethyl-3(2H)-furanone (furaneol), vanillin, (E)-4,5-epoxy-(E)-2-decenal, 4-ethyloctanoic acid, 3-methylindole (skatole), 5α-androst-16-en-3-one (androstenone), and 2-(2-butoxyethoxy) ethanol. Moreover, the sensory experiment indicated that (E)-4,5-epoxy-(E)-2-decenal, (E,E)-2,4-octadienal, and 1-octen-3-one are the main contributors to the metallic, cucumber, and mushroom notes of the samples.