Pandan (Pandanus amaryllifolius Roxb.) has been used in the production of bakery goods either as a functional ingredient or a natural flavoring that, when roasted, exerts a fragrant rice-like aroma and an attractive green color. This study elucidated the typical aroma compounds from pandan leaves and explored the influence of thermal treatments on their aroma profiles using GC-O-MS, E-nose, and GC-IMS analyses. The effects of formulation and baking conditions on the qualities of pandan-flavored sponge cake were comprehensively evaluated through a holistic approach covering several aspects including cake batter gravity, color, texture, and sensory characteristics. The baking treatment introduced more types of pleasant aromas (9 aromas vs. 17 aromas) and increased the odor intensities of the original volatile compounds, especially for the roasted and steamed rice-like odors. The increased amount of pandan flavoring reshaped the color of the cake crumb (especially for the L* and a* spaces) and significantly decreased the hardness (3.87 N to 1.01 N), gumminess (3.81 N to 0.67 N), and chewiness (13.22 mJ to 4.56 mJ) of the sponge cake. The perceived intensities of bitterness and sweetness can be adjusted by modulating the levels of 2-phenylethanol, 2-methyl-1-butanol, hexyl alcohol, and decanal, along with the total alcohols and aldehydes, due to their significant correlations revealed by correlation heatmap analyses.