Jinzhou shrimp paste is a traditional Chinese fermented seafood product manufactured from northern mauxia shrimp (Acete chinensis) and salt. The aims of this study were to detect the bacterial community succession using high-throughput sequencing and the volatile compound changes using headspace solid-phase microextraction combined with gas chromatography–mass spectrometry during shrimp paste fermentation. Moreover, the relationships between the bacterial community and volatile compounds were analyzed by two-way orthogonal partial least squares. The results show that various bacterial communities appeared in the fermentation process. Pseudoalteromonas and unclassified Pseudoalteromonadaceae were the dominant genera but quickly replaced by Tetragenococcus after 1 month of fermentation. Staphylococcus, Oceanobacillus and unclassified Bacillaceae became the predominant genera as fermentation progressed. In addition, a total of 25 volatile compounds were identified, including aldehydes, ketones, alcohols, esters, pyrazines, acids, and sulfides. Correlation analysis indicated that the bacteria Pseudoalteromonas, Staphylococcus, and Oceanobacillus were important in the formation of volatile compounds. Pseudoalteromonas positively correlated with ketones, alcohols, esters, and acids; Staphylococcus positively correlated with aldehydes and acids; and Oceanobacillus positively correlated with aldehydes and pyrazines. These findings not only reveal the dynamics of the bacterial community and volatile compounds in the fermentation process, but also indicate their inter-relationships during shrimp paste fermentation.