In the study, an efficient protease Neutrase®-Flavourzyme® (NF) was screened to prepare the umami-aroma flavor oyster hydrolysate. The effect of protease and ultrasonic pretreatment (UP) assisted by the optimal protease on the flavor substances was investigated. The results demonstrated that the optimal UP-NF (450 W) showed a higher amino acid nitrogen content of 0.34 g/100 mL compared to the NF, and 19 major aroma compounds including octanal, decanal, nonanal, benzaldehyde, 2-undecanone, and 1-octen-3-ol were obtained. Additionally, the free amino acid and fatty acid spectrum indicated that the formation of flavor compounds was primarily due to the oxidation of linoleic and linolenic acids and the degradation of amino acids. Furthermore, taste analysis proved that increased umami and saltiness resulted from the accelerated release of Glu, Asp and 5′-IMP. Overall, UP-NF proved to be an effective method for producing umami-aroma flavor, facilitating further processing of oyster products for the application.