Lupine (Lupinus sp.) is a valuable source of plant proteins. There is little knowledge on the impact of food processing on composition and sensory properties of lupine products. In this research, we investigated the impact of fermentation with five starters of lactic acid bacteria on the sensory quality and flavor-active compounds in dairy analogues prepared from sweet lupine (Lupinus angustifolius L.). The sensory qualities of unfermented and fermented products were studied with generic descriptive analysis and affective tests. Acids and sugars were analyzed with GC-FID and volatiles with HS-SPME-GC-MS and GC-O. Fermentation increased sourness and ‘vinegar’ odor and reduced the ‘beany’ odor and flavor as well as the unpleasantness of flavor. Formation of volatiles during the fermentation was dependent on the starters. However, all fermentations increased the contents of lactic, acetic, and hexanoic acids, while reducing the contents of hexanal, described as ‘grassy’ in the unfermented lupine sample.