The Fenton oxidation system (FOS) was used to investigate the oxidation of protein and lipid in porcine Longissimus dorsi muscle at different oxidation levels (0 mmol/L, 1 mmol/L, 5 mmol/L, 10 mmol/L and 20 mmol/L H2O2) and its correlation with quality indicators and volatile flavor compounds. The results showed that increasing trend of oxidation level significantly enhanced centrifugal loss, cooking loss, S23 (proportion of free water), L*, POV, TBARS, and carbonyl content. Meanwhile, initially increasing pattern was observed in a*, b*, hardness, chewiness, adhesiveness, and surface hydrophobicity was decreased at the end of process, and S22 (proportion of immobile water), sulfhydryl content, springiness, resilience, and cohesiveness showed a decreasing trend. Additionally, a significant change occurred in composition of typical volatile compounds, and the number of dimers (2-pentanone D and 2-butanone D), heterocyclic compounds (2,6-dimethyl pyrazine and pyridine), and acids (acetic acid) was increased. Correlation analysis revealed that change in meat quality was due to the cross-oxidation of lipids and proteins, while lipid oxidation and myofibrillar proteins further led to a reduction in water retention, color deterioration, flavor, and texture of the samples. This study is of great significance for further understanding the oxidation modification of raw meat during storage or processing, explaining the deterioration of meat quality, and selecting reasonable antioxidant measures.