For a long time, the sense of smell was considered the neglected stepbrother of human sensory abilities, and the loss of smell has received little attention. This perception changed dramatically with the COVID-19 pandemic, which led to millions of people losing their sense of smell, and some never recovering. COVID-19 not only increased general awareness of olfactory disorders but also accelerated research into the role of smell in nonverbal communication and mental health. This review aims to summarize the literature on the impact of olfactory disorders on quality of life. Starting from the functions of olfaction in healthy individuals, we will briefly describe the most common olfactory disorders and their effect on an individual's life, including nutrition and eating behaviors, social and psychological well-being, and exposure to environmental hazards. Consequences of olfactory loss permeate many spheres of daily life. On average, dysosmia has a moderate impact on quality of life, though for some patients the effects can be severe.