This study aimed to examine the differences in the nutrients and volatile compounds ofStropharia rugoso-annulataafter undergoing three different drying treatments. The fresh mushrooms were dried using hot air drying (HAD), vacuum freeze drying (VFD), and natural air drying (NAD), respectively. After that, the nutrients, volatile components, and sensory evaluation of the treated mushrooms were comparably analyzed. Nutrients analysis included proximate compositions, free amino acids, fatty acids, mineral elements, bioactive compositions, and antioxidant activity. Volatile components were identified by headspace-solid phase microextraction-gas chromatography-mass spectrometry (HS-SPME-GC-MS) and analyzed with principal component analysis (PCA). Finally, sensory evaluation was conducted by ten volunteers for five sensory properties. The results showed that the HAD group had the highest vitamin D2content (4.00 μg/g) and antioxidant activity. Compared with other treatments, the VFD group had higher overall nutrient contents, as well as being more preferred by consumers. Additionally, there were 79 volatile compounds identified by HS-SPME-GC-MS, while the NAD group showed the highest contents of volatile compounds (1931.75 μg/g) and volatile flavor compounds (1307.21 μg/g). PCA analysis suggested the volatile flavor compositions were different among the three groups. In summary, it is recommended that one uses VFD for obtaining higher overall nutritional values, while NAD treatment increased the production of volatile flavor components of the mushroom.