Port wine’s prominence worldwide is unequivocal and the grape spirit, which comprises roughly one fifth of the total volume of this fortified wine, is also a contributor to the recognized quality of this beverage. Nonetheless, information about the influence of the grape spirit on the final aroma of Port wine, as well as its volatile composition, is extremely limited. Moreover, the aroma characteristics of Port wines are modulated mainly by their volatile profiles. Hence, this review presents a detailed overview of the volatile composition of the fortification spirit and Port wine, along with the methodologies employed for their characterization. Moreover, it gives a general overview of the Douro Demarcated Region (Portugal) and the relevance of fortification spirit to the production of Port wine. As far as we know, this review contains the most extensive database on the volatile composition of grape spirit and Port wine, corresponding to 23 and 208 compounds, respectively. To conclude, the global outlook and future challenges are addressed, with the position of the analytical coverage of the chemical data on volatile components discussed as crucial for the innovation centered on consumer preferences.