Flavor is one of the most important characteristics of smoked bacon, strongly affecting its liking by consumers. The smoking process, lipid oxidation and proteolysis contribute to bacon quality through the generation of odors and flavor compounds. In this study, the relationships between free amino acids (FAAs), volatile organic compounds (VOCs) and sensory characteristics of smoked bacon stored for 60 days at 5 °C were investigated. Smoked bacon stored for 30 days was characterized by VOCs associated with the smoking process and lipid oxidation. After 30 days of storage, the bacon samples presented an increase in FAAs produced mainly by proteolysis. Smoked bacon was characterized by the attributes smoky, crunchy, salty, soft and bright. This study demonstrated that VOCs, FAAs and their interactions are responsible for generating sensory attributes and increasing overall liking.