Dried salted fish is a traditional dry-cured fish that is sprinkled with salt before the curing process. With a unique flavor as well as diverse varieties, dry-cured fish is popular among consumers worldwide. The presence of various microbial communities during the curing process leads to numerous metabolic reactions, especially lipid oxidation and protein degradation, which influence the formation of flavor substances. However, during industrial curing, the quality of dry-cured fish is difficult to control, leading to the formation of products with diverse flavors. This review describes the curing process of dried salted fish, the key microorganisms involved in the curing process of typical dried salted fish products at home and abroad, and the correlation between biological metabolism and flavor formation and the underlying mechanism. This review also investigates the prospects of dried salted fish products, proposing methods for the analysis of improved curing processes and the mechanisms of dried salted fish. Through a comprehensive understanding of this review, modern production challenges can be addressed to achieve greater control of microbial growth in the system and improved product safety. In addition to advancing our understanding of the processes by which volatile flavor compounds are formed in conventional dry-cured fish products, we expect that this work will also offer a theoretical framework for enhancing their flavor in food processing.