This study investigated the effects of silver carp muscle hydrolysate (SCMH) on volatile odor characteristics in frozen dough (FD) and its derived products using electronic nose and gas chromatography-mass spectrometry (GC-MS) analyses. Results demonstrated that steamed bread (SB) prepared from SCMH-incorporated FD after six freeze-thaw cycles exhibited significantly improved specific volume, textural properties, and gas-cell structure compared to controls (p < 0.05). GC-MS identified 29 volatile compounds in SCMH, predominantly 2,3-butanediol (32.05%) and 1-penten-3-ol (22.88%). SCMH addition altered the olfactory sense and volatile profiles of FD, yet introduced no undesirable fishy odor substances in the final SB. Moreover, the volatile compounds in dough and SB were mainly enriched during dough fermentation, while the key aroma components, such as 3-methyl-1-butanol, 3-methylthio-1-propanol, phenethyl alcohol, 3-hydroxy-2-butanone, and 2,3-butanediol, were enhanced by adding SCMH. These findings suggested that SCMH could effectively maintain the quality of FD without compromising its final product flavor, while potentially improving the aroma characteristics of SB, although the detailed mechanism remained to be further clarified.