The traditional drying method of Fresh Z. bungeanum has the problems of long drying time and serious loss of nutrients, which seriously restricts its efficient and high-value utilization. This study utilized a self-developed penetrating microwave infrared hot air rolling bed dryer (PMIHRBD) to optimize the drying process and compare microwave hot air drying, microwave pretreated hot-air drying (PMt-HD), and freeze drying with hot air drying (HD). The results showed that the drying time of PM10-HD was 48% shorter than that of HD, and the contents of TFC, TPC and TAC were increased by 17.6%, 23.7% and 20.7%, the yield of essential oil was increased by 59.6%, and the antioxidant activity was significantly enhanced. According to the identification of VOCs, hydrocarbons, esters and alcohols played a major role in the formation of Z. bungeanum odor, and HD samples had similar characteristics to PM10-HD samples. For flavor, PM10-HD showed a higher five-flavor richness than other drying processes. In summary, PM10-HD provided a fast and efficient drying process for harvesting high quality Z. bungeanum.