Specialty malts comprise a promising field for innovative approaches concerning their potential in terms of color, aroma, and taste influence on the composition of beer and other beverages. Nevertheless, poor reproducibility of aroma and taste is a recurrent struggle between maltsters, leaving color as a practical parameter for quality control. However, malts with similar coloration can present distinct aroma profiles, leaving open questions concerning key aroma compounds, their dynamic responses to malting process variations and to what extent they may vary in a certain color range. Key aroma volatiles have been identified in the matrix of barley malt, comprising a variety of products of non-enzymatic browning reactions (e.g., caramelization, pyrolysis, and Maillard reactions). Here, water plays a crucial role together with the intensity of the temperature regimes. Nevertheless, the final aroma profile of a malt product is the result of a balance between aroma formation and losses. Therefore, the correlation between color and aroma is of big complexity. That being the case, the present article questions if key aroma compounds responsible for the peculiar flavors of specialties have been defined by scientific literature and whether their production dynamics is unveiled. In this manner, this work proposes an overview of the aroma compounds present in specialty malt products studied up to the current date. More specifically, the process production of specialty malts and its potential impact on the formation of aroma and taste is studied alongside the key aroma-active compounds, their correlation to color, and trending analytical techniques for aroma and color assessment.