This study investigated the effects of five lipases on enzyme-modified cheese (EMC) flavor development. Results showed that lipase 30SD contained high hydrolytic activity for short, medium, and long-chain fatty acids within 24 h incubation time, and the highest content of them among different times could reach 47.24, 475.90, 1 563.92 mg/100 g fat, respectively. Lipase DF15 and MER showed moderate capacity to hydrolyze volatile fatty acids, while lipase F3G had a stronger ability to produce long-chain fatty acids. Twenty-seven new volatiles were formed during lipolysis, most of them were acids and esters. Principal component analysis results showed that EMC produced by lipase 30SD for 18 h was similar to the commercial product with a pungent, rancid, and cheddar flavor. EMCs produced by lipase DF15 were significantly distinguished from other products by their high content of ethyl heptanoate, ethyl nonanoate, and ethyl tridecanoate. The findings might be useful for the researchers who focus on lipolysis or EMC products.