Proteins undergo degradation to produce peptides and free amino acids, which in turn promote the production of volatile compounds with important contributions to the taste and aroma. This study investigated the effect of fermentation temperatures (8, 15, and 25 °C) on the bacterial community, flavor profile, and protein degradation of Harbin dry sausages. The physical and chemical properties were improved at 25 °C compared with 8 and 15 °C. Staphylococcus xylosus increased with the increase in fermentation temperature, whereas Latilactobacillus sakei decreased. The degree of protein degradation increased, and the content and proportion of taste peptides and free amino acids increased. Similarly, a higher fermentation temperature led to an increase in volatile compounds, such as aldehydes, alcohols, and esters. In conclusion, there is an inseparable relationship between proteolysis and microbial proteases. The fermentation temperature of 25 °C best contributed to the sensory quality and flavor characteristics of Harbin dry sausages.