Hypsizygus marmoreus mushroom is known for its pleasant flavour and delicious taste. However, its flavour quality deteriorates rapidly during postharvest storage. In the present work, we explored the dynamic changes in flavour-presenting substances and taste components in H. marmoreus packaged in polyethylene nanofilm (0.05 mm) during low temperature storage (12 days). We used headspace solid-phase microextraction combined with gas chromatography-mass spectrometry to analyse the volatile flavour components; high performance liquid chromatography and liquid chromatography-mass spectrometry to analyse the non-volatile flavour (taste-presenting) substances (e.g., soluble sugars, taste nucleotides, free amino acids, and organic acids); and the relative odour activity value (ROAV) and taste active value (TAV) methods to determine the flavour substances in fresh and stored H. marmoreus. Results revealed that n-octanal, 1-octene-3-one, and 1-octene-3-ol were the characteristic volatile flavour substances, and that trans-2-octenal was the key substance affecting the formation of volatile flavours in fresh H. marmoreus. Trans,trans-2,4-nonadienal, and 3-octanone were the key volatile substances that resulted in flavour deterioration. Among the non-volatile flavour substances, trehalose, 5'-GMP, glutamic acid, alanine, and arginine were the key taste-presenting substances. In addition, oxalic acid and lysine were the key taste substances after H. marmoreus deterioration. These results provided a theoretical basis for rapid quality detection, flavour identification, and shelf-life prediction of H. marmoreus.