Flavor, which mainly depends on volatile compounds, is an important index for evaluating the quality of clam sauce. This study investigated the volatile compounds in clam sauce prepared using four different methods and the influence of aroma characteristics. Fermenting a mixture of soybean koji and clam meat improved the flavor of the final product. Solid-phase microextraction (SPME) combined with gas chromatography-mass spectrometry (GC-MS) identified 64 volatile compounds. Nine key flavor compounds, namely, 3-methylthio-1-propanol, 2-methoxy-4-vinylphenol, phenylethyl alcohol, 1-octen-3-ol, α-methylene phenylacetaldehyde, phenyl-oxirane, 3-phenylfuran, phenylacetaldehyde, and 3-octenone, were selected using variable importance in projection (VIP). The results of the electronic nose and tongue detection of the aroma characteristics of the samples prepared by four different fermentation methods were consistent with those of GC-MS analysis. The clam sauce prepared by mixing soybean koji with fresh clam meat possessed better flavor and quality than that prepared via other methods.