The volatile constituents of air-dried, mold-fermented salami sausage were isolated from meat and casing using a dynamic headspace/continuous solvent extraction method. Apolar and polar fractions of the aroma concentrates, and a methylated acidic ether extract of the defatted meat were analyzed by high resolution gas chromatography and coupled gas chromatography-mass spectrometry. Most volatiles identified were derived from lipid degradation, from pepper (added as a spice), and from the degradation of pepper terpenes and phenolics. Neither typical intermediates of fatty acid autoxidation nor N-containing volatiles were among the 68 identified compounds. The contribution of lipid precursors was essential to overall flavor as were the microbial activities.