Considering that both olfactory training (OT) and physical activity in older adults positively affect their olfactory function, cognitive performance and affective state, the exact relationship between these two components requires more profound investigation. Hence, we examined whether OT would affect a) olfactory function; b) depression score; and c) cognitive performance in 71 participants, aged from 52 to 86 years (M = 63.3, SD = 8.5; 43 women) who reported low and high level of physical activity based on the Freiburg Physical Activity Questionnaire. After 3 months, OT enhanced total olfactory function and, on a trend level, odor discrimination. Physical activity level, when used alongside OT, had little or no effect on olfactory, cognitive, or affective outcomes, although greater enhancement of physical activity were correlated with larger improvements in odor threshold. This finding should be interpreted cautiously, as the physical activity level measurement emphasized total monthly volume of activity and may not fully capture the consistency of habitual activity highlighted in prior studies.