The use of inactive dry yeasts (IDY) of Saccharomyces cerevisiae as a natural alternative to sodium ascorbate to inhibit the oxidation reactions of Spanish dry-fermented sausage “salchichón” was studied. Control sausages and those treated with different IDY concentrations were monitored and analyzed at 0, 7, 14, 21 and 28 d throughout the ripening process. The application of IDY (1.5 and 3 g/100 g) did not affect the physicochemical parameters and microbial counts over time. However, IDY addition achieved a more stable phenolic content, antioxidant activity of samples was increased, and a lower lipid and protein oxidation were observed compared to the use of sodium ascorbate. Likewise, sausages with 3 g/100 g IDY showed similar or lower quantities of volatile compounds related to lipid oxidation at the end of ripening than those elaborated with sodium ascorbate. From a sensory point of view, IDY addition provided bread/yeast and sweet notes to sausages. However, consumers did not find differences among samples in a hedonic ranking test. Therefore, IDY could be employed in “salchichón” as natural preservatives providing pleasant sensory attributes to the product.