Current transient analysis predominantly relies on zero-dimensional/one-dimensional tools, proficient at capturing aerothermodynamic variations across critical engine stations but insufficient for analyzing the internal flow field evolution during transients. Addressing this gap, the study presents an enhanced quasi-three dimensional (quasi-3D) transient simulation technique that integrates component volume effects, offering a significant leap from the preceding quasi-3D transient simulation method based on quasi-steady assumption. By embedding the component volume effects on density, momentum, and energy within the physical temporal dimension of the Navier-Stokes equations, the refined quasi-3D transient model achieves a closer representation of physical phenomena. Validation against a single-shaft turbofan engine’s experimental data confirms the model’s accuracy. Average errors for key performance indicators, including shaft speed, thrust, mass flow rate, and critical component exit temperature and pressure, remain below 0.41%, 5.69%, 2.55%, 3.18% and 0.67%, respectively. Crucially, the model exposes a discernible temporal lag in the compressor outlet pressure and temperature response due to volume effects—previously unquantified in quasi-3D transient simulations. And further exploration of the meridional flow field emphasizes the consequential role of volumes in transient flow field evolution. Incorporating volume effects within quasi-3D transient simulations enhances engine modeling and is pivotal for precise transient analysis in engine design and optimization.