Zhayuis a type of traditional fermented fish product in China that is made through the fermentation of salted fish with a mixture of cereals and spices. Inoculation fermentation was performed usingPediococcus pentosaceusP1,Lactiplantibacillus plantarumL1, and a mixture of two strains, which were isolated from cured fish in Hunan Province. Compared with the natural fermentation, inoculation with lactic acid bacteria (LAB) accelerated the degradation of myosin and actin inZhayu, increased the trichloroacetic acid (TCA)-soluble peptide content by about 1.3-fold, reduced the colony counts ofEnterobacteriaceaeandStaphylococcus aureusby about 40%, and inhibited their lipid oxidation. In the texture profile analysis performed, higher levels of hardness and chewiness were observed in the inoculation groups. In this study, the bacterial community and volatile flavor compounds were detected through 16S high-throughput sequencing and headspace solid-phase microextraction–gas chromatography–mass spectrometry (HS-SPME-GC-MS). Inoculation withL. plantarumL1 reduced around 75% abundance ofKlebsiellacompared with the natural fermentation group, which was positively correlated with 2,3-Butanediol, resulting in a less pungent alcohol odor inZhayuproducts. The abundances of 2-pentylfuran and 2-butyl-3-methylpyrazine were increased over threefold in the L1 group, which may giveZhayuits unique flavor and aroma.