This study examined the bacterial community dynamics and their relationship with volatile compounds in Xinjiang smoked horsemeat sausage during fermentation. We employed single-molecule real-time sequencing (SMRT) to identify the bacterial composition, while headspace solid-phase microextraction gas chromatography-mass spectrometry (HS-SPME-GC-MS) was utilized to detect volatile compounds in the sausage. The findings indicated that Staphylococcus xylosus, Lactococcus garvieae, Latilactobacillus sakei, Lactococcus lactis, and Weissella hellenica were the predominant species during the fermentation. Moreover, we identified 56 volatile substances in the smoked horsemeat sausages, including alcohols, esters, ketones, acids, aldehydes, terpenes, and phenols. Notably, the correlation analysis demonstrated positive associations between the major bacteria and the primary volatile compounds, with notable connections observed for Staphylococcus xylosus, Lactococcus garvieae and Weissella hellenica. These research findings provide a foundation for future endeavors aimed at enhancing the flavor quality of smoked horsemeat sausage.