To investigate the effects of the Maillard reaction on the flavor characteristics of enzymatic hydrolysates of Panus giganteus, this study used the L-cysteine tracing method combined with single-factorial and orthogonal experiments to optimize the preparation process of Maillard reaction products (MRPs). The changes in flavor profiles before and after reaction were analyzed using high-performance liquid chromatography (HPLC), electronic nose, electronic tongue, molecular weight distribution analysis, and sensory evaluation. The results showed that the optimal two-stage preparation conditions for MRPs were as follows: The initial stage was set at 3% xylose addition, 60 min reaction time, 50 ℃ reaction temperature, and an initial pH of 7.5; The second stage involved 0.8% L-cysteine addition with a subsequent reaction at 110 ℃ for 80 min. MRPs prepared under these conditions had a sensory score of 76.3 with no formation of excessive browning substances. Instrumental analysis results demonstrated that hydrolysates after the Maillard reaction exhibited a significant decrease in total free amino acids, TAV and EUC, alongside an increased content of umami 5'-nucleotides, a higher overall sensory score, and an 18.25% reduction in the relative proportion of peptide fractions <1 kDa. Furthermore, the Maillard reaction results of enzymatically hydrolyzed peptides from different molecular weight P. giganteus indicated, the Maillard reaction products obtained from the enzymatically hydrolyzed peptides of <1 kD had a lighter color, lower browning degree, and less melanoidin formation. In summary, the Maillard reaction effectively improves the flavor profiles of P. giganteus enzymatic hydrolysates, which provides a theoretical basis for the deep processing of P. giganteus resources and their application in the food industry.