The review aimed to provide an overview of the current knowledge about changes occurring in dry aged beef and the influence of this process on meat quality parameters, such as aroma and flavour. The review also focuses on the formation of taste- and aroma-active compounds and the role of microbes during beef dry aging. The improvement in the flavour of beef during dry aging may be attributed to the release of reducing sugars from the transition of glycogen and ATP; the formation of free amino acids (FAAs) and peptides through proteolysis, and IMP, GMP, inosine and hypoxanthine, which are breakdown products produced by the degradation of nucleotides. Moreover, the volatile aroma-active components, produced by the thermal oxidation/degradation of fatty acids and the Maillard reaction between amino acids and reducing sugars, are responsible for the improvement of the aroma of dry aged beef after thermal treatment. A crucial and beneficial role in developing a unique flavour and aroma profile of dry aged beef and its tenderness is that it also has microbes. Especially observed on the crust, formed during the dry aging process, is a rich source of beneficial microbes that contribute to dry-aged beef’s unique flavour and aroma profile. The basic and undeniable advantage of dry aging beef is obtaining a specific aroma and taste of the meat, described as nutty, umami, buttery, and meaty. It is also important to improve tenderness, which improves with the extension of aging. The disadvantage of dry aging is that it is a costly process due to the resulting losses of raw materials. Although extended dry ageing contributes to flavour development, it also affects colour and lipid stability. Those relationships are of significant importance in understanding the complex process of dry aging and its impact on beef quality. Thus, further research is required on the proteome and metabolome profiles as well as the safety of eating dry aged beef.