Fermentation is a crucial process in the production of alcoholic beverages such as spirits, which produces a number of volatile compounds due to the metabolic activities of yeast. These volatile compounds, together with the volatile components of the raw materials and the volatile compounds produced during the distillation and aging process, play a crucial role in determining the final flavor and aroma of spirits. In this manuscript, we provide a comprehensive overview of yeast fermentation and the volatile compounds produced during alcoholic fermentation. We will establish a link between the microbiome and volatile compounds during alcoholic fermentation and describe the various factors that influence volatile compound production, including yeast strain, temperature, pH, and nutrient availability. We will also discuss the effects of these volatile compounds on the sensory properties of spirits and describe the major aroma compounds in these alcoholic beverages.