Lycium barbarum seed meal contains a variety of bioactive compounds, but the use of L. barbarum seed meal in the food industry is rare. This study aimed to evaluate the effect of reducing sugars on the structural and flavor properties of the Maillard reaction products (MRPs) of the Lycium barbarum seed meal hydrolysate (LSH). The results showed that the flavors and tastes of the MRPs were affected by reducing sugars. In comparison to oligosaccharides, monosaccharides were more suitable for the development of MRPs with good sensory qualities. The structural characteristics of L. barbarum seed meal precursor MRPs were also affected by reducing sugars. The MRPs produced with the participation of monosaccharides had higher ultraviolet absorption and browning than the MRPs produced with oligosaccharides. The molecular weights of the MRPs were found to be 128–500 Da and 500–1000 Da. Compared to the MRPs made from other sugars, xylose-meridian products (X-MRPs) had a stronger meaty flavor. The mellowness and continuity of the MRPs made from monosaccharides were superior to those made from oligosaccharides. The MRPs formed by L. barbarum seed meal exhibited the characteristics of umami and meat flavor. MRPs with better flavors may be used to develop new types of seasoning salts.