Corn oil and Lactococcus lactis (L. lactis) were selected for improving the sourdough bread aroma, and their effect on bread flavor was studied. Volatile compounds (VOCs) in sourdough and bread crumbs were determined by gas chromatography−mass spectrometry. The results demonstrated that the VOC profiles appeared mainly dominated by alcohols, aldehydes, ketones, acids, esters, and heterocyclic compounds. Principal component analysis and cluster analysis showed that the formation of most alcohols were promoted by L. lactis, while corn oil addition yielded more aldehydes, ketones, and furans. Further analysis of odor-active components in bread was characterized by aroma extract dilution analysis and odor activity value (OAV). In the sourdough bread obtained with the addition of corn oil and lipase, (E,E)-2,4-decadienal, 2-pentylfuran, 1-octen-3-ol, 3-methylthio-1-propanol, and (E)-2-nonenal had higher flavor dilution factors and OAV, which were the key aroma compounds distinguished from other varieties of breads.