To investigate the aroma components and elucidate the characteristic odor profiles of different insect-damaged agarwood varieties, this study employed an integrated analytical approach combining headspace solid-phase microextraction-gas chromatography-mass spectrometry (HS-SPME-GC-MS) with principal component analysis (PCA) and odor activity value (OAV) evaluation. A systematic characterization was conducted on the volatile signature components and key odor-active compounds in three representative Aquilaria sinensis-derived insect-damaged agarwood specimens from the Beiliu production region of Guangxi: common insect-damaged agarwood (CIDA), Qinan insect-damaged agarwood (QIDA), and Huangyouge insect-damaged agarwood (HIDA). A total of 197 compounds were identified across the three types, with 53 shared components. Ketones, aldehydes, and alcohols constituted the predominant volatile fractions in CIDA, QIDA, and HIDA. QIDA exhibited a strong correlation with ketones (60.50%), while CIDA and HIDA displayed similar compositional profiles, though HIDA contained higher proportions of aldehydes (14.77%) and phenols (8.30%), and CIDA exhibited elevated ester levels (6.08%). Compared to agarwoods from Hainan, Guangdong, and Southeast Asia, OAV analysis revealed that all three samples form Beiliu, Guangxi uniquely contained α-ionone (OAV > 1), a floral contributor. Specifically, α-ionone imparted a fresh sweet-floral character to CIDA, while the synergistic effect of α-ionone and coniferaldehyde (both OAV > 1) shaped HIDA’s distinct floral-smoky duality. Despite its complex aroma profile, QIDA lacked dominant odor-active components (all OAV < 1). This research elucidated for the first time the chemical basis underlying the characteristic aroma formation in insect-damaged agarwood from Beiliu, Guangxi, and provided scientific support for geographical traceability and quality evaluation systems.