Phospholipids can act as antioxidants and prooxidants, and they themselves can generate an abundance of lipid-derived volatile compounds. Homogenized pig subcutaneous adipose tissue was extracted by ethanol to remove phospholipids, then the partly de-phospholipids adipose tissue and adipose tissue were dry-rendered, and the volatiles in lard samples were analyzed. Most of lipid-derived odorants, such as (E,E)-2,4-decadienal and 1-octen-3-ol in the conventional dry-rendered partly de-phospholipids lard were higher than those in the conventional dry-rendered lard. In addition, the results of sensory analysis were agreed with the contents of odorants. A comparison between solvent extracted lard and solvent extracted lard with additional pork phospholipids in a simulating dry rendering process was performed to demonstrate the influence of phospholipids, and the results confirmed that pork phospholipids decreased lipid-derived volatiles of lard in dry rendering process. The results of peroxide values and thiobarbituric acid values also proved that pork phospholipids acted as antioxidants to inhibit the oxidation of lard, which could be of great potential use to catering, oil and fat industry.