The Lanzhou bulb of lily has gained global attention due to its high culinary and medicinal value. However, the quality characteristics of lily bulbs during storage remain unclear. Hence, to clarify the dynamic changes in the physiochemical characteristics of the bulbs during storage, this study analyzed bulbs at 0-, 15-, 30-, 45-, and 60day vacuum and cold storage, respectively. The results revealed that the water content and pH decreased, while soluble sugar and dietary fiber contents fluctuated. Soluble protein was less affected by the storage time, yet starch was observed to degrade after 45 d of storage. A total of 66 volatile compounds were identified, among them, seven volatiles were dominant across all five storage periods. Fresh Lanzhou lily bulbs (0-day) contained higher water and sucrose contents. During the 45-day storage period, the quality of the lily bulbs was greatly influenced by the contents of starch, total dietary fiber (TDF), soluble dietary fiber (SDF), and esters, and by the contents of fructose, aldehydes, ketones, alkenes, and alkanes after 60 d of storage. Under the combination of vacuum packing and low-temperature storage, the optimal storage of Lanzhou lily bulbs is 45 d. This work is expected to be helpful in evaluating the quality of Lanzhou lily bulbs during storage and promoting the development of the lily industry.