Identification of odor compounds in fresh sea buckthorn juice (FSBJ) and pulp (SBP) was performed by gas chromatography-mass spectrometry-olfactometry (GC-MS-O). A total of 39 and 36 odor compounds were identified in FSBJ and SBP, respectively. Further findings revealed that ethyl hexanoate, ethyl 2-methylbutyrate, ethyl 3-methylbutyrate, and 3-methylbutyl 3-methylbutanoate had high flavor dilution (FD) factors and were identified as the key odor compounds in FSBJ. In addition, the contents of ester compounds contributing to the fruity odor were significantly reduced in SBP after pasteurization. Sensory evaluation and electronic tongue analysis revealed that the sweetness and overall taste of SBP were superior to those of FSBJ. The contents of vitamin C and total flavonoids were significantly lower in SBP than in FSBJ, indicating that pasteurization reduces the nutritional quality of FSBJ. The results of the study can provide theoretical references for the flavor and nutritional quality optimization of sea buckthorn products.