The goal of this study was to examine the changes in chemical parameters, major volatile compounds, and sensory aspects in farm-raised hybrid catfish (i.e., dorsal, lateral line and ventral muscles) during a 15-day period of refrigerated storage. Trichloroacetic acid-soluble peptides, free fatty acid, total volatile base-nitrogen (TVB-N), and non-heme iron levels in all muscles increased as storage time proceeded. The levels of trans-1,10-dimethyl-trans-9-decalol (geosmin) and 2-methylisoborneol (2-MIB) were higher than their thresholds, which was connected to a stronger earthy odor. The concentrations of geosmin and 2-MIB in all muscles increased, although there was a consistent trend of earthy odor throughout storage; this phenomenon could be attributed to the masking effect of other off-odors. During storage, the largest lipid oxidation was found in ventral muscle, as measured by peroxide value and thiobarbituric acid reactive substances. During storage, the formation of the most volatile products increased in the lateral line and ventral muscle, whereas the dorsal muscle had the lowest concentration. As storage time proceeded, the strength of spoiled, fishy, rancid, and overall off-odor intensity of all tested muscles tended to rise. Those alterations were linked to higher levels of TVB-N and trimethylamine, as well as all other volatile lipid oxidation products (e.g., hexanal, propanal, 2,4 heptadienal, 1-octen-3-ol, octanal, nonanal, trans-2-heptenal, and 1-hexanol).