Thirty aroma-active components of a cola-flavored carbonated beverage were quantitated by stable isotope dilution assays, and their odor activity values (OAVs) were calculated. The OAV results revealed that 1,8-cineole, (R)-(-)-linalool, and octanal made the greatest contribution to the overall aroma of the cola. A cola aroma reconstitution model was constructed by adding 20 high-purity standards to an aqueous sucrose-phosphoric acid solution. The results of headspace solid-phase microextraction and sensory analyses were used to adjust the model to better match authentic cola. The rebalanced model was used as a complete model for the omission study. Sensory results indicated that omission of a group consisting of methyleugenol, (E)-cinnamaldehyde, eugenol, and (Z)- and (E)-isoeugenols differed from the complete model, while omission of the individual components of this group did not differ from the complete model. These results indicate that a balance of numerous odorants is responsible for the characteristic aroma of cola-flavored carbonated beverages.