Solid-phase microextraction combined with gas chromatography-tandem mass spectrometry technology was used to analyze the volatile compounds in the different ripening stages of banana ‘Guijiao No. 1’ fruit, and the smell ABC method was used to analyze the volatile compounds in the fruits of different ripening stages. The results showed that, 24 kinds of volatile substances with relative content greater than 1% were detected in the green maturity period, yellow maturity period and over-ripe period of the banana ‘Guijiao No. 1’, including aldehydes, esters and other alkane volatile substances. Among them, the green maturity period was characterized by trans-2-nonanal and trans-2-, cis-6-nonadienal, and the yellow maturity period was characterized by trans-2-hexenal and isoamyl isobutyrate. Ester and hexanal were characteristic volatile substances, and isoamyl acetate had the highest relative content in the over-ripe period. Fragrance analysis results showed that the green maturity period covered 15 fragrance types, of which the fat fragrance type had a larger load. There were 13 kinds and 14 kinds of fragrance in the yellow and over ripening stages, respectively, among which the load of green was the largest in yellow and fruit aroma was the largest in over ripening stage. The type and relative content of aroma components of the fruit of ‘Guijiao No. 1’ varied greatly at different stages of maturity, and with the increasing of fruit maturity, the type of fragrances also changed significantly. The green maturity period and over-ripe period both had the most flavor types, which was the best stages for the development of food flavors.