The formation mechanism of volatile compounds in Tan lamb meat under different feeding regimes remains unclear. This study aimed to determine whether the volatile compounds in meat are related to lipid metabolism in an attempt to improve the theoretical basis for increasing the yield and quality of lamb production. Results showed that the specialized pasture grazing with indoor feeding (GF) and indoor feeding only (F) regimes had advantages in terms of growth and carcass traits compared to the specialized pasture grazing only (G) regime. Lamb meat qualities of the GF group were in an intergrade position compared to those of the F and G groups. Although the lamb meat of the three groups had different aroma attributes, as measured using SPME-GC-MS, GF lamb meat had the most pleasant active compounds. In contrast, the expression of lipid transport genes was altered in all three groups. In summary, Tan lambs had different growth performance, intramuscular fat content, and composition under the three feeding regimes, which might be due to the differences in energy and lipid transport, resulting in unique volatile compound profiles in meat from different groups.