This work aimed to study the effects of different salt formulations on the physicochemical properties, bacterial flora changes, volatile flavor compounds, and flavor characteristics of dry-cured ham. For this purpose, four groups were set up, namely, one control group (100% sodium chloride), and three groups of NaCl replacement (K: 30% potassium lactate + 70% sodium chloride; K + L: 18% potassium lactate + 12% lysine + 70% sodium chloride; K + J: 18% potassium lactate +12% arginine + 70% sodium chloride). Results showed that the contents of moisture and proteins were higher, ash and salt contents were lower (P < 0.05), and salt reduction was greater in the K + L group as compared to the control group. Illumina MiSep sequencing indicated that Staphylococcus and lactic acid bacteria were the dominant microorganisms in dry-cured sausage. Sixty-four volatile compounds were identified by solid phase microextraction-gas chromatography-mass spectrometry (SPME-GC-MS), and the results of electronic nose and electronic tongue showed that K + L group samples were clearly distinguished from the control group on days 0 and 270 of ripening. Sensory evaluation and electronic tongue proved that the K + L group had better acceptance. Partial least squares regression analysis showed that pentadecanal, 2-butyl-1-octanol, and ethyl caproate were the key markers for the formation of ham flavor in the K + L group. Correlation analysis of volatile compounds and microorganisms showed that Staphylococcus and lactic acid bacteria could promote the production of volatile compounds. In conclusion, 18% potassium lactate + 12% lysine is an ideal substitute for sodium chloride in dry-cured ham, which can reduce the salt content of dry-cured ham by 15.71% and impart better flavor for dry-cured ham.