In this study, plant-based meat flavoring was prepared by mixed fermentation and thermal reaction. Based on the changes of amino acid nitrogen, reducing sugar, and total acid during the fermentation process and combined with sensory evaluation, the optimal fermentation conditions were determined as 4 % total inoculation amount of Monascus purpureus, Actinomucor elegans, and Bacillus subtilis with an inoculation ratio of 1:1:1, and 36 h of fermentation time. The odor characterization of meat flavoring was identified by solid-phase microextraction–gas chromatography–mass spectrometry (SPME–GC–MS), aroma extract dilution analysis (AEDA), quantitative measurements, odor activity value (OAV) and aroma recombination and omission experiments. 64 volatile compounds and 28 odorants were identified. The compounds with FD ≥ 27 were precisely quantified by five-point standard calibration curve and OAVs were calculated, and those with OAV ≥ 1 were subjected to aroma recombination and omission experiments. Finally, furfuryl mercaptan, difurfuryl disulfide, 4-methyl-5-ethylthiazole, 1-octanal, and 2-acetylthiophene were determined to be the key aroma-active compounds. These compounds have been recognized as key aroma-active compounds or detected in other meats or meat flavorings. In this study, we prepared plant-based meat flavoring through mixed fermentation, and provide new ideas for the development of plant-based thermal reaction meat flavoring process.