Spanish ''Serrano'' dry-cured hams were processed under traditional practices which included two different length of the ripening-drying stage dry-curing methods. Dry-cured hams typically have high production cost because of the length of the ripening-drying stage which makes the product less competitive. In order to study the generation of dry-cured ham flavor the volatile components were investigated. Sensory properties were analyzed by GC/olfactometry and descriptive sensory techniques. The relationship of the volatile components with sensory descriptors was examined by factor analysis and resulted in a solution composed of four factors defined as ''pork'', ''cured'', ''pleasant'', and ''off-flavor''. The short ripening process was characterized by aldehydes, such as hexanal and S-methyl butanal, alcohol (1-penten-3-ol), and dimethyl disulfide, that gave an olfactory sensation of fresh-cured pork flavor. The ''pleasant'' aroma in the short process had already been developed and was defined by ketones, esters, pyrazines, and aromatic hydrocarbons. On the other hand, the longer ripening-drying procedure produced an increase in ''pork'', ''cured'' and ''off-flavor'' that masked the ''pleasant'' aroma.