The impact of volatile organic compounds (VOCs) and odor on indoor environment and people has attracted much attention. To reduce this problem of odorous compounds contained in wood panel, this study focused on identifying odorant compounds and exploring the influence of moisture content factors on VOCs and odor emissions. Paper mulberry (Broussonetia papyrifera (L.)Vent.) was investigated using the technology of gas chromatography-mass spectrometry/olfactory (GC–MS/O). Total volatile organic compounds (TVOC) and characteristic odor-active compounds were studied, and the emission of heartwood and sapwood of paper mulberry was compared at the same time. It was found that the main components from heartwood and sapwood were aromatics, alkanes, alkenes, aldehydes ketones, alcohols and esters. Totally, 23 kinds of odor-active compounds were identified from heartwood and sapwood of paper mulberry, among which, aromatics and aldehydes ketones were the main odorant compounds. Seven kinds of key odorant compounds were identified in this process. With the decrease in moisture content, the TVOC and total odor intensity of heartwood and sapwood generally decreased. The moisture content had a great effect on VOC release when the moisture content decreased from 70 to 50% and reduced from fiber saturation point (30%) to air saturation point (10%). The main odor impressions of paper mulberry were aromatic, fresh fruit fragrance, sweet scent and special pungent. In the whole process of moisture content decrease, the TVOC, concentration of odorant and odor intensity of sapwood were higher than that of heartwood.