In this experiment, the changes in protein hydrolysis, protein oxidation, and flavor of low-salt wet-marinated fermented golden pomfret were studied during processing. During processing, a decrease in sulfhydryl content (P < 0.05), a significant increase in protein surface hydrophobicity (P < 0.05), a significant increase in carbonyl content and TCA-soluble peptide (P < 0.05), an increase in TVB-N and amino acid nitrogen (P < 0.05), and a significant increase in the content of free amino acids (P < 0.05), indicating that proteins were gradually oxidized and degraded to small molecules and flavor precursors under the action of bacterial reduction pretreatment, deodorization, marination and fermentation processes, small molecules and aroma precursors was generated by gradual oxidative decomposition. In the course of processing, a total of 113 volatile flavor compounds were identified using GC–MS analysis, while OPLS-DA analysis and VIP value determination led to the identification of 10 characteristic flavor compounds. The results showed that an abundance of flavor compounds was generated during the processing, thereby imparting a more pronounced taste profile to the low-salt wet-marinated fermented golden carp. The results showed that a large number of flavor substances were generated during the processing to give a richer flavor to low-salt wet-marinated fermented golden pomfret that could provide data and theoretical support for the subsequent processing industry of golden pomfret.