Changes in the volatile components of unpasteurized and pasteurized makgeolli during 30 days of storage were investigated by gas chromatography-mass spectrometry (GC-MS) and GC-olfactometry (GC-O). A total of 11 odor-active compounds such as 3-methyl-1-butanol (isoamyl alcohol), 2-methyl-1-butanol, 2,3-butanediol, butanoic acid, 3-methylbutanoic acid (isovaleric acid), 2-methylbutanoic acid, 3-(methylthio)-1-propanol (methionol), 2-phenylethanol, ethyl decanoate, ethyl dodecanoate, and ethyl tetradecanoate were determined in both the pasteurized and unpasteurized makgeolli during 30 days of storage. Although there were no significant differences in the concentrations of odor-active compounds at the initial storage time, most of odor-active compounds were more significantly increased in unpasteurized makgeolli compared to the pasteurized one during the storage period.