This comprehensive review discusses crucial enzymes involved in cheese ripening, from the first attacks on lactose, casein and fat to the final formation of aroma compounds. A critical evaluation of scientific results obtained worldwide over several decades reveals a high number of important enzymatic pathways that could be possible to influence during cheese-making. Some examples of the activities described follow. Different mechanisms of primary proteolysis in cheese produced with coagulants of different sources influence cheese texture and flavour differently. Enhanced plasmin activity increases the total amount of free amino acids in cheese indirectly by producing peptides for further microbial processing. Enzymes catalyse formation of γ-glutamic acid peptides that contribute to umami and kokumi sensations. The activity of several hydrolytic enzymes, e.g., esterases, phosphatases and peptidases show a reversal of activity in long-ripened cheeses with very low water activity, and so they produce water molecules instead of using them, and in these reactions specific flavour compounds are formed. Low redox potential and lack of oxidised cofactors in cheese limit enzymatic activities involved in formation of flavour compounds.