Provided herein are an aerosol-generating article having a flavor optimization function and an aerosol generation system including the same. The aerosol-generating article according to some embodiments of the present disclosure includes a filter portion, a medium portion which includes an aerosol-generating substrate and has a downstream end portion connected to an upstream end portion of the filter portion, and a wrapping structure which wraps around at least a portion of the filter portion or the medium portion. Here, the wrapping structure may include a heat conduction member or a heat conduction limiting member to appropriately control thermal energy delivered to the aerosol-generating substrate. Accordingly, the flavor and taste of tobacco smoke of the aerosol-generating article may be improved.