In this study, fresh Lentinula edodes was dehydrated using freeze-drying (FD), hot-air drying (HAD), and natural drying (ND), and the volatile and non-volatile flavor compounds were analyzed. The drying process changed the contents of eight-carbon compounds and resulted in a weaker “mushroom flavor” for dried L. edodes. HAD mushrooms had higher levels of cyclic sulfur compounds (56.55 μg/g) and showed a stronger typical shiitake mushroom aroma than those of fresh (7.24 μg/g), ND (0.04 μg/g), and FD mushrooms (3.90 μg/g). The levels of 5′-nucleotide increased, whereas the levels of organic acids and free amino acids decreased after the drying process. The dried L. edodes treated with FD had the lowest levels of total free amino acids (29.13 mg/g). However, it had the highest levels of umami taste amino acids (3.97 mg/g), bitter taste amino acids (6.28 mg/g) and equivalent umami concentration (EUC) value (29.88 g monosodium glutamate (MSG) per 100 g). The results indicated that FD was an effective drying method to produce umami flavor in dried mushrooms. Meanwhile, HAD can be used to produce a typical shiitake mushroom aroma. Our results provide a theoretical basis to manufacture L. edodes products with a desirable flavor for daily cuisine or in a processed form.