The effects of the Maillard reaction precursors derived from different degree of hydrolysis (DH 5–25%) of bovine bone marrow extract (BBME) on aroma components, taste active substances, and sensory characteristics were investigated. In addition to the sensory evaluation, volatile compounds and umami taste compounds in the Maillard reaction products (MRPs) derived from enzymatic hydrolyzed bovine bone marrow extract (EH-BBME) were analyzed by gas chromatography–olfactrometry–mass spectrometry, and high-performance liquid chromatography, respectively. The 10% of DH resulted in the optimal MRPs, which had high amounts of meaty aroma compounds (methional, octanal, nonanal, 4-hydroxy-2,5-dimethyl-3(2H)-furanone, 2-acetylthiophene, etc. 332.41 ng/g), umani taste-active compounds (umami taste amino acids, 3.21 g/L; nucleotide, 20.80 g/L; peptides, 7.22 g/100 g