Chili bean paste is a traditional flavor sauce, and its flavor compounds are closely related to its microflora. This study focused on investigating the content of bioactive compounds, flavor compounds, and microbial communities during the post-ripening fermentation of chili bean paste, aiming to provide a reference for improving the flavor of chili bean paste by regulating microorganisms. Compared to no post-ripening fermentation, the content of organic acids increased significantly (p < 0.05), especially that of citric acid (1.51 times). Glutamic acid (Glu) was the most abundant of the 17 free amino acids at 4.0 mg/g. The aroma profiles of the samples were significantly influenced by fifteen of the analyzed volatile compounds, especially methyl salicylate, methyl caproate, and 2−octanol (ROAV > 1). Latilactobacillus (27.45%) and Pseudomonas (9.01%) were the dominant bacterial genera, and Starmerella (32.95%) and Pichia (17.01%) were the dominant fungal genera. Weissella, Lacticaseibacillus, Pichia, and Kazachstania had positive effects on volatile flavoring compounds, which enriched the texture and flavor of the chili bean paste. Therefore, the microbial-community activity during the post-ripening fermentation is the key to enhance the flavor quality of the product.