Maillard reaction intermediate (MRI) was prepared by the enzymatic hydrolysate (EH) of Oudemansiella raphanipes and fructose. The optimal preparation condition of MRIs was obtained when the Maillard reaction parameters were as follows: fructose addition of 5%, reaction time of 60 min, and temperature of 60 ◦C. E-Tongue results indicated that the umami and saltiness of MRIs were greater than those of Maillard reaction products (MRPs) and EH, and the taste-enhancing ability of MRIs was even more prominent than that of MRPs. E-Nose could obviously distinguish EH, MRIs, and MRPs, and there was an obvious difference between MRPs and MRIs regarding volatile aroma compounds. A total of 35 volatile flavor substances were identified among the three samples, including 6 alcohols, 13 aldehydes, 9 ketones, 2 esters, and 5 other compounds. Overall, MRIs could avoid the production of complete reaction products with an inferior flavor, and further enhance the umami taste.