Peach market is facing a constant decrease due to the poor fruit quality perceived at consumption that might be greatly affected by fruit ripening stage at harvest and by the post-harvest management. The present work aimed at clarifying the influence of maturity at harvest on the evolution of peach aroma and quality during shelf-life after prolonged cold storage. “August Flame” peaches were harvested at three maturity stages, determined based on IAD (index of absorption difference) and ethylene emission. Fruit quality traits (firmness, soluble solids, titratable acidity), ethylene and volatile organic compound (VOC) emission were monitored during for four weeks of cold storage (0 °C). Every week of cold storage was followed by 6 days of shelf-life (18 °C). Ripening segregation at harvest based on IAD was successful since each maturity classes significantly differed based on all quality traits. Cold storage enhanced the aroma development of ‘August Flame’ peach, primarily by increasing the emission of esters and lactones associated with pleasant aroma. Moreover, cold storage also reduced the differences in aroma between the maturity classes. The role of ethylene, which was also influenced by cold storage, in regulating the VOCs emission is discussed.