Iris (Iris germanica) is a very popular ornamental plant and is known for the precious spice irone produced from its roots. Many iris varieties can also release fragrances through their flowers. However, the composition of iris aroma and the molecular mechanism of its synthesis have not been reported. In this study, we analyzed the volatile floral compounds of I. germanica ‘Harvest of Memories’ at different stages and in different tissues through headspace solid-phase microextraction gas chromatography-mass spectrometry. A total of 36 volatile compounds were identified, and linalool was the dominant component. Transcriptome analysis showed that 35 differentially expressed genes and 218 differentially expressed transcription factors were positively correlated with linalool release. According to the results of qRT-qPCR, the expression level of the IgTPS14 gene was consistent with the release trend of linalool, suggesting that IgTPS14 may play a certain role in linalool synthesis. Phylogenetic analysis showed that the IgTPS14 protein belonged to the TPS-g subfamily. An in vitro enzymatic assay of IgTPS14 and its transient and stable overexpression in tobacco indicated that this gene produced linalool. The transient silencing of IgTPS14 in petals by virus-induced gene silencing technology revealed a significant reduction in the release of linalool. These results will help explore and reveal the molecular mechanism of monoterpenoid synthesis and provide a certain reference for studying the formation of iris aroma.