The loss of olfactory function has a profound impact on quality of life, affecting not only sensory perception but also memory, emotion, and overall well-being. Despite this, advancements in olfactory prostheses have lagged significantly behind those made for vision and hearing restoration. This review offers a comprehensive analysis of the current state of devices for electrical stimulation of the olfactory system. We begin by providing an overview of the olfactory system's structure and function, emphasizing the neural pathways involved in smell perception. Following this, we explore the key challenges associated with chronic implantation and electrical stimulation, material biocompatibility, inflammation risks, and ensuring long-term functionality and durability. A detailed analysis of existing neural stimulation devices—including ECoG, intracortical, and depth electrodes—is presented, assessing their potential for application in olfactory stimulation. We also discuss the limitations and pitfalls of current approaches and explore new emerging technologies aimed at overcoming these obstacles. A comprehensive literature review about the olfactory system electrical stimulation is reported, and results are analyzed to identify the most promising routes. Finally, the review highlights emerging technologies, ongoing research, and the ethical considerations associated with olfactory implants, along with future directions for developing more effective, safe, and durable solutions to restore the sense of smell for individuals with olfactory disorders.