The effect of fuel (hydrogen vs. butane) on the formation of volatile organic compounds (VOCs) and polycyclic aromatic hydrocarbons (PAHs) was evaluated for grilled horse meat (very low-fat and low-fat) cooking vertically. Gas chromatography-mass spectrometry was used to analyze PAHs and VOCs. An electronic nose was used to evaluate the odor profile. Total high-molecular-weight PAHs ranged from 19.59 to 28.65 µg/kg with butane and from 1.83 to 1.61 µg/kg with hydrogen. Conversely, total low-molecular-weight PAHs went from 184.41 to 286.03 µg/kg with butane and from 36.88 to 41.63 µg/kg with hydrogen. Aldehydes and alkanes were the predominant family in a total of 59 VOCs. Hydrogen gas-grilling reduced significantly (p < 0.05) the generation of VOCs related to lipid oxidation. The odor profile was not modified significantly despite the change of PAHs and VOCs. The findings indicate that hydrogen is a viable alternative to butane for grilling horse meat. Hydrogen gas-grilling may be regarded as a safe cooking procedure of meat from a PAH contamination point and perhaps sustainable environmentally compared to a conventional technique. The present study provides the basis for the use of hydrogen gas in grilled meat.