Odor compounds pose a significant challenge in drinking water sources, resisting conventional treatment methods. To tackle this issue, ozone and ozone-based advanced oxidation processes (AOPs) have gained widespread use due to their high oxidation capacity. This study aims to comprehensively assess the oxidation effects, reaction mechanisms, and potential risks associated with direct ozonation processes and ozone-based AOPs, targeting the removal of diverse odor compounds found in drinking water sources. Our review sheds light on the reaction mechanisms between typical odor compounds and ozone, while an in-depth discussion compares the advantages and disadvantages of various AOPs. Operating parameters, including the pH, reaction temperature, physicochemical water quality, and ozone dose, are analyzed to understand their effect on odor compound removal by ozone. Furthermore, we briefly introduce practical combined drinking water treatments that incorporate ozone and other processes. Finally, we present the essential requirements, factors, and challenges for future research endeavors in developing advanced ozonation technologies for efficient odor compound removal. Overall, this comprehensive study lays the foundation for further advancements in drinking water treatment strategies to ensure the delivery of safe and odor-free water to the public.