Chocolate is an indulgent product whose consumption is mostly motivated by its alluring sensory properties. Among them, flavor stands as the key driver for consumer preference and purchase intention. Flavor is a complex multimodal perception whose discrimination depends mostly on the retronasal aromas associated with the presence of odor-active compounds in the matrix. The development of chocolate flavor relies on several factors, ranging from intrinsic properties of raw materials to formulation and processing conditions. As the last step of liquid chocolate manufacture, conching develops proper fluidity/texture and finetunes flavor, by means of intensive mixing and continuous heating of chocolate mass for several hours. Time and temperature are the main parameters determining the extent of conching effects upon flavor, despite factors such as ventilation, energy input onto chocolate mass, and configuration of conching machine being also relevant to some of the physicochemical mechanisms involved in flavor modification. Overall, conching impacts chocolate flavor by either changing the concentration of key odor-active compounds or modifying their distribution throughout the matrix, affecting their binding to other components and, ultimately, their rate of release during ingestion. The present review aims to gather evidence on the physicochemical transformations promoted by conching responsible for flavor enhancement and overall sensory quality of chocolates.