Gugija (Lycii chinese Miller) is traditionally consumed as a Chinese medicinal material in food, tea, or alcoholic beverages. Gugija has beneficial healthy components, but it produces an off-flavor during storage. This study compared the flavor components of fresh-dried Gugija and stale-dried Gugija. The flavor compounds in one fresh sample (sample 1) and one stale sample (sample 2) were extracted by the simultaneous distillation and extraction method. The concentrated aroma extracts were analyzed and identified by gas chromatography-mass spectrometry. Forty-five compounds, including 17 aldehydes, 8 alcohols, 6 terpene compounds, 4 esters, 3 ketones, and 3 pyrazines, were isolated in sample 1. Thirty-four compounds, including 12 aldehydes, 3 alcohols, 5 terpene compounds, 2 esters, 3 ketones, 3 pyrazines, and 1 acid, were isolated in sample 2. The main aroma components of sample 1 were 2-methyl butanal, 2-methyl propanol having sweet odor, and hexanal, (Z)-3-hexenol having grass odor, and phenyl acetaldehyde, benzyl alcohol having floral odor, and alkyl pyrazines having nutty odor. These compounds were decreased in sample 2, and several compounds containing isovaleric acid, which has a disagreeable, rancid-cheese odor were found newley.