Six kinds of volatile fatty acids (acetic, propionic, isobutyric, n-butyric, isovaleric, n-valeric) and six kinds of phenols (phenol, o-cresol, m-or p-cresol, guaiacol, 2, 4-dimethyl-phenol, 4-methylguaiacol) have been found gas chromatographically in the volatiles of tarry matter accumulated on the wall of “Katsuobushi” -smoking room. The presence of these compounds in “Katsuobushi” has been shown in the previous paper. These results clearly show the flavor of “Smoke” and “Katsuobushi” are closely related with each other and phenols in “Katsuobushi” are derived from the “Smoke” of woods (an oak etc.).