The rearing system affects the nutritional and sensorial qualities of the Russian sturgeon (Acipenser gueldenstaedtii), a niche yet commercially valuable aquaculture species for caviar production. In the present work, we aimed to comprehensively characterize the odorant composition of fillets from Russian sturgeon raised in a recirculating aquaculture system (RAS) and discuss potential sources and formation pathways. A total of 114 odorants were detected through the application of combined sensory-instrumental analyses, of which 88 were successfully identified and 20 substances were found to be among the most potent odor constituents. The most dominant odorants were assigned to several specific substance classes, including aldehydes, alcohols, terpenes, ketones, organic acids, lactones, heterocycles, aromatic hydrocarbons, and sulfur-containing aldehydes. The compounds (E)-hex-2-enal, (Z)-hept-4-enal, cuminaldehyde, non-3-yn-1-ol, 3-carene, 2-methylisoborneol, geosmin, oct-1-en-3-one, nonan-3-one, (Z)-1,5-octadien-3-one, octane-2,3-dione, nonan-2-one, hexanoic acid, γ-crotonolactone, γ-octalactone, 2-acetyl-thiazoline, methional, and (2E,4Z,7Z)-trideca-2,4,7-trienal had high flavor dilution factors and are described for the first time as potent odor-active compounds associated with the Russian sturgeon. Overall, oct-1-en-3-one, (Z)-1,5-octadien-3-one, octane-2,3-dione, nonan-2-one, 2-methylisoborneol, and hexanoic acid had the highest flavor dilution factors. This study offers a basis for future development in the sturgeon RAS industry from the perspective of flavor characterization by providing deep insights into the fundamental composition and origins of the complex world of aquaculture fish aroma.