The effects of fermentation time， fermentation temperature and salt content on amino acid nitrogen content and sensory quality of the cod bone hydralysate were studied. The volatile components of hydralysate were analyzed using electronic nose combined with headspace solid-phase microextraction （HS-SPME） and gas chromatography mass spectrometry （GC-MS）. The results showed that the optimum fermentation temperature， fermentation time and salt content were 35 ℃， 12 h and 15% respectively. The content of amino acid nitrogen and amino acid were 0.2685 g/100mL and 6 177.28 mg/100 g respectively， meanwhile the glutamic acid and aspartic acid which were umami amino acid were higher. The volatile compounds of hydralysate could be distinguished well by principal component analysis （PCA）； The aroma active compounds of the fermentation hydrolyzate were significantly increased by SPME/GC-MS and 18 kinds of aroma active compounds were detected， including 6 kinds of alcohols， 4 kinds of aldehydes， 3 kinds of pyrazines， 2 kinds of ketones， 2 kinds of furans and 1 kind of phenols.