In this study, shrimp paste was prepared using Antarctic krill and fermented Antarctic krill shrimp paste as raw materials. Two commonly used heating methods, stir‐fried and steaming, were analyzed, the main difference between the two methods being that stir‐frying involves putting the shrimp paste into a wok and stir‐frying it for different periods of time, while steaming involves putting the shrimp paste into a steamer and steaming it for different periods of time. The effects of different salt concentrations and processing techniques on the volatile flavor compounds of shrimp paste were also observed. Electronic nose and gas chromatography–ion mobility spectrometry (GC‐IMS) were employed to analyze the volatile flavor compounds. A total of 52 volatile flavor compounds were detected by GC‐IMS, of which 38 were identified (including monomers, dimers, and polymers). The identified compounds included 11 aldehydes, 6 ketones, 14 alcohols, 2 esters, 2 acids, 1 pyridine compound, and 2 sulfur compounds. In addition, 14 compounds were identifiable. Using the results of the electronic nose analysis, we were also able to differentiate between the volatile flavor compounds in shrimp pastes produced by different processing methods.