In order to explore the quality variation and flavor formation of dry-cured donkey leg, the changes in physical–chemical composition, lipolytic, free amino acids content and volatile flavor compounds were investigated in this study. Six fresh, trimmed hind legs with average weight of 8.12 ± 0.8 kg were taken from male Dezhou donkeys slaughtered at the age of 24 months with the average live weight of 240 kg. The entire processing time was eight months long including six stages, specifically: cooling, salting, air-drying, fermenting and aging. Samples were collected at 0 d, 10 d, 20 d, 30 d, 65 d, 105 d and 165 d of processing. The results showed that the pH value remained stable in the range of 6.2~6.6. The moisture and water activity significantly decreased (p < 0.05) during processing. The chloride content, ash, total volatile basic nitrogen (TVB-N) and peroxide value (POV) significantly increased (p < 0.05), from 0.45% to 12.39%, from 3% to 17%, from 1.43 mg/kg to 8.98 mg/kg and from 1.39 g/100 g to 5.26 g/100 g, respectively. The thiobarbituric acid (TBARS) value reached its highest value of 0.39 mg MDA/kg at the end of the salting stage and then decreased to 0.34 mg MDA/kg. Eighteen free amino acids and fifteen free fatty acids were detected, and their contents were significantly increased during processing (p < 0.05). Volatile compounds were analyzed using solid-phase microextraction (SPME) and gas chromatography–mass spectrometry (GC–MS). Among 114 volatile compounds detected in dry-cured donkey leg, aldehydes, esters, alkane and alcohols were more abundant in the final products, with relative concentrations of 41.88%, 5.72%, 5.35% and 5.25%, respectively. Processing significantly affected the physical–chemical properties, which could contribute to the formation of flavor substances of dry-cured donkey leg.