Margarines are water-in-oil (W/O) emulsion-type products produced with butter aroma. The aim of this study is to investigate the volatile release of the butter aroma compounds used in the water phase of model margarine and sensory properties influenced by the change of fat and emulsifier. A headspace/solid phase microextraction/gas chromatography/mass spectrometry (HS/SPME/GC/MS) system is used for the identification of the volatile compounds. It is determined that high fat content in model margarine samples results in an increase in the release of both 2,3-butandione and butanoic acid. On the other hand, an increase in fat content reduces the release of butanoic acid ethyl ester and vanillin. In addition, an increase in the emulsifier content of the model margarines results in a decrease in butanoic acid ethyl ester release. The model margarines with 80% fat content have the highest hardness and storage modulus (G ') values. The perception of butter aroma and taste are more intense in high-fat margarine samples, while fruity aroma and taste, vanilla aroma, and taste perception are higher in low-fat margarine samples. However, emulsifier content does not affect the sensory properties of the model margarines.