To achieve high-value utilization of Chinese mitten crab processing by-products, different types of sauces were prepared using crab legs (CLs) and crab bodies (CBs). Two processing methods, enzymatic hydrolysis and enzymatic hydrolysis coupled with the Maillard reaction, were employed to prepare these sauces. An electronic nose (E-nose) and electronic tongue (E-tongue) were used to measure the changes in the taste and odor, an automatic amino acid analyzer was used to measure the amino acid content, and a headspace solid-phase microextraction GC/MS (HS-SPME-GC/MS) was used to analyze the volatile compounds, qualitatively and quantitatively. The results showed that the sour, bitter, and other disagreeable odors of the enzymatic hydrolysis solution (EHS) were reduced following the Maillard reaction; meanwhile, the umami and saltiness were considerably enhanced. The quantity of free acidic amino acids with an umami and sweet taste in the CL and CB sauces after enzymatic hydrolysis and the Maillard reaction was substantially higher than that in the homogenate (HO). The Maillard reaction solution (MRS) produced more volatile compounds than the HO and EHS, such as aldehydes, pyrazines, ketones, etc. These compounds not only impart a unique flavor but also have antioxidant capabilities, making them a prototype for the high-value utilization of crab processing by-products.