Purpose: This pilot study aimed to determine whether the Henkin olfactory test discriminates between the olfactory function of patients with olfactory loss and healthy individuals, and whether the Henkin test is correlated with a validated psychophysical olfactory test. Methods: Participants underwent olfactory testing using the modified Henkin test (including detection [DT] and recognition [RT] thresholds, magnitude estimation [ME], and hedonic ratings [H], for four different odors) and the extended “Sniffin’ Sticks” test battery (odor detection, discrimination, identification). Results: Forty-four individuals (28 women, aged 19–81 years, mean: 39 years) were included. Twenty-three were healthy (mean age: 38 years) and 21 had olfactory dysfunction (OD) (mean age: 40 years). OD patients had worse mean DT, lower composite RT, and lower ME ratings. Mean and individual odor H ratings were not significantly different between the groups. Most individuals were classified as hyposmic when using the prescribed classification by Henkin, with only very few satisfying the stringent criteria of anosmia and normosmia. Modified Henkin subtests were all positively correlated with each other and with the “Sniffin’ Sticks”, except for Unpleasant Mean H which was only correlated with Pleasant Mean H; and Pleasant mean H which was not correlated with mean DT scores. Conclusion: The Henkin test is able to separate between OD patients and controls. However, modifications to the conduct of this test may be required. Studies that used this test should be carefully interpreted. Level of evidence: 3.