Exploring the spoilage mechanism of Spanish mackerel is important to reduce the waste of Spanish mackerel and extend its shelf life. Cold chain logistics are commonly used to maintain the high quality and prolong the shelf life of aquatic products in circulation and storage. We assessed the sensory (body surface, odor, fish gills, fish elasticity, eyes, and overall assessment), chemical (total volatile base nitrogen (TVB-N), pH and 2-thiobarbituric acid (TBA)), and microbial characteristics (total viable counts (TVCs) and lactic acid bacteria) of Spanish mackerel combined with high-throughput sequencing at frequent intervals to determine their freshness and specific spoilage organisms (SSOs) during 0 °C cold chain logistics. Results showed that TVB-N, TBA, and TVCs correlated well (R2 > 0.90) with the sensory scores with prolonged circulation and storage time. The SSOs of Spanish mackerel were Proteobacteria in phylum and Pseudomonas in genus. The shelf life of mackerel under the 0 °C ice-stored cold chain system was approximately seven days, which is roughly three days longer compared with the traditional low-temperature storage method. These findings indicated that the freshness evaluation of Spanish mackerel in cold-chain circulation could be achieved by selecting appropriate chemical, microbial, and sensory indices. The study contributes to extend the shelf life of cold-chain Spanish mackerel by inhibiting the growth of dominant bacteria and provides a basis for the development of methods and tools to predict the shelf life of Spanish mackerel.