To investigate the effects of inoculation fermentation on the quality of Zhayu (a traditional fermented fish product in China), different amounts of L. plantarum, P. acidilactici, and P. pentosaceus were inoculated into samples, and the safety, nutritional, textural, and flavor properties of the samples were evaluated. Fermentation with lactic acid bacteria (LAB) decreased pH values and total volatile basic nitrogen content. The addition of 108~109 cfu/100 g LAB significantly increased the content of crude fat and water-soluble proteins in Zhayu. The addition of L. plantarum and P. acidilactici increased the content of soluble solids in Zhayu. Moreover, fermentation with LAB made the products tender and softer, and the samples prepared with 109 cfu/100 g LAB presented better overall qualities. Additionally, Zhayu fermented with L. plantarum and P. acidilactici showed the strongest sourness, while the samples prepared with P. pentosaceus showed the strongest umami taste, consistent with the highest contents of Asp (25.1 mg/100 g) and Glu (67.8 mg/100 g). The addition of LAB decreased the relative contents of aliphatic aldehydes, (Z)-3-hexen-1-ol, and 1-octen-3-ol, reducing the earthy and fishy notes. However, LAB enhanced the contents of terpenoids, acids, esters, and S-containing compounds, increasing the sour, pleasant, and unique odors of Zhayu.