Background: Olfactory dysfunction is a common issue among the older population and has been associated with both frailty and increased mortality risk. Telomere length (TL), a marker of biological aging, may provide insights into these associations. This study investigates the relationship between TL and olfactory function in older adults. Methodology: We conducted a prospective observational study involving 138 participants aged 65 and above, recruited from a preoperative anesthesia clinic. Olfactory function was assessed using the Sniffin' Sticks test, and TL was measured in leukocytes using the Flow-FISH technique. Data analysis included comparisons between short TL (<10th percentile) and normal TL (≥10th percentile) groups, considering factors like age, sex, and frailty. Results: Short TL was found in 27.5% of participants. Those with short TL had significantly lower TDI (threshold, discrimination, identification) scores. Specifically, 46.2% of participants with a TDI score ≤10th percentile had short TL compared to 23.2% with higher TDI scores. Adjusting for frailty attenuated this relationship, indicating a shared biological component between olfactory function and TL. Conclusions: Our study reveals a significant association between lower olfactory function and shorter TL in older adults, suggesting that olfactory impairment may reflect underlying biological aging. Further research is needed to elucidate the complex interactions between olfactory function, TL, and frailty.