The objective of the present study was to determine the effect of vacuum packaging (VP) combined with immersion in 5 g L−1 ascorbic acid (AsA) on the quality of fresh-cut potatoes during storage. Results indicated that VP + AsA treatment decreased the degree of browning, inhibited weight loss, maintained firmness, and reduced the levels of respiration and ethylene generation. The VP + AsA treatment suppressed the accumulation of malondialdehyde and reactive oxygen species in fresh-cut potatoes, reduced the level of phenolics, and delayed the increase of glucose, fructose, and sucrose contents. An assessment of the taste and flavor of the fresh-cut potatoes was determined using electronic tongue and GC-MS. Results indicated that the VP + AsA treatment maintained both parameters (taste and flavor) of fresh-cut potatoes. Notably, most of the identified volatile compounds were products of lipid degradation, and VP + AsA treatments inhibited the aldehydes generated by the degradation of fatty acids, thus suppressing the development of rancid off-flavor in fresh-cut potatoes. The collective results indicate that the VP + AsA is a promising preservation treatment, which can be used to prolong the shelf-life of fresh-cut potatoes.