In this study, headspace solid-phase microextraction-gas chromatography−mass spectrometry, multivariate analyses, and transcriptomics were used to explore the biosynthesis of key volatiles and the formation of spores in Lentinula (L.) edodes. Among the 50 volatiles identified, 1-octen-3-ol, phenethyl alcohol, and several esters were considered key aromas because of their higher odor activity values. Eleven volatiles were screened as biomarkers by orthogonal partial least squares discriminant analysis, and hierarchical cluster analysis showed that these biomarkers could represent all volatiles to distinguish the spore release stage. The activities of lipoxygenase (LOX), hydroperoxide lyase, alcohol dehydrogenase, and alcohol acyltransferase were higher in L. edodes with spore release. Moreover, linolenic acid and phenylalanine metabolism were involved in aroma biosynthesis. One LOX-related gene and five aryl alcohol dehydrogenase-related genes could regulate the biosynthesis of 1-octen-3-ol, phenethyl alcohol, and phenylacetaldehyde. In addition, several key genes were involved in meiosis to regulate sporulation.