In this study, flavor characteristics and dynamic change of Chinese traditional fermented fish sauce (Yu-lu) with different fermentation time (2, 4, 6, 8, and 12 months) were analyzed. The electronic nose analyses confirmed a notable flavor change in fish sauce samples from different stages. During the 12-months fermentation, the total volatile compounds in fish sauce increased from 3.9 mg/L to 13.53 mg/L. Acids, aldehydes, esters and phenols were the main aroma substances and their contents gradually increased during the fermentation process. The PCA of GC–MS and GC-IMS showed that fish sauce samples from different fermentation periods can be well distinguished. A total of 110 volatile compounds identified by GC–MS, and 102 volatile compounds were detected by GC-IMS. Among them, 13 compounds were identified by both GC–MS and GC-IMS. The most varieties (49) of volatiles appeared after 8 months of fermentation. The odor activity value (OAV) analysis showed that 10 volatile compounds were considered as characteristic flavor in traditional fish sauce. The variable influence on projections (VIPs) in PLS-DA models constructed by GC–MS and GC-IMS identified 5 and 10 volatile compounds as biomarkers, respectively. Our results revealed the dynamic changes of characteristic flavor in fish sauce in combination of GC–MS and GC-IMS, which provides theoretical basis for the production and flavor regulation of fish sauce.