Excessive salt intake can increase the risk of cardiovascular diseases such as hypertension. Effect of different methods of salt substitution on lipid oxidation and volatile compounds formation by fermented restructured hams was studied. Sensory ratings of 30% KCl+70% NaCl (w/w) and 25% k-lactate+75% NaCl (w/w) showed higher odor scores than 100% NaCl. HS-SPME-GC-MS results indicated that nonanal (fatty), 2-decenal, 2-methylbutanoic acid methyl ester, 2-pentyl-furan (fruity), benzeneacetaldehyde (flora rose & sweet), linalool (floral aroma), linalyl acetate, eugenol, and 1-octen-3-ol (mushroom aroma) were the main contributors to this discrepancy. Furthermore, these compounds were mainly related to the degradation of lipids. The increase in the activity of critical enzymes affecting lipid degradation, such as acidic and neutral lipase, LOX, further led to an increase in fatty acid content in the salt substitution group. Correlation analysis demonstrated that unsaturated fatty acids such as C20:4n6, C20:6n3, and C18:2n6c were the main precursors to specific flavors of salt substitution. Therefore, this study has a guiding significance for producing healthy, low-salt, restructured ham with excellent organoleptic acceptability.