Stress-strain constitutive relations in solids with an internal angular degree of freedom can be modeled using Cosserat (also called micropolar) elasticity. In this paper, we explore Cosserat materials that include chiral active components and hence odd elasticity. We calculate static elastic properties and show that the static response to rotational stresses leads to strains that depend on both Cosserat and odd elasticity. We compute the dispersion relations in odd Cosserat materials in the overdamped regime and find the presence of exceptional points. These exceptional points create a sharp boundary between a Cosserat-dominated regime of complete wave attenuation and an odd-elasticity-dominated regime of propagating waves. We conclude by showing the effect of Cosserat and odd-elasticity terms on the polarization of Rayleigh surface waves.