BACKGROUND: Olfactory disorders and affective symptoms are tightly related. However, the factors underlying this association are not yet understood. One candidate factor is "odor awareness": the degree of attention individuals pays to the odors. However, the association between odor awareness and olfactory abilities in individuals with affective symptoms has not been clarified yet. METHOD: The present study examined whether odor awareness may moderate (a) the relation between olfactory dysfunctions and depressive and anxiety symptoms; (b) the relation between the perceptual ratings of the odors and depressive and anxiety symptoms in a sample of healthy women (n = 214). Self-report measures of depression and anxiety were collected, whereas the Sniffin' Stick test was employed to measure olfactory abilities. RESULTS: Linear regression analysis revealed that individuals with higher depressive symptoms presented lower olfactory abilities and that odor awareness was a significant moderator of the association between depressive symptoms and olfactory abilities. Anxiety symptoms were not related to any of the olfactory abilities considered, and this relationship did not change according to odor awareness. The familiarity rating of the odor was significantly predicted by odor awareness. These results were confirmed by Bayesian statistics. LIMITATIONS: The sample was composed only of women. CONCLUSIONS: In a healthy population of women, only the presence of depressive symptoms is related to reduced olfactory performance. Odor awareness may be implicated in the development and maintenance of olfactory dysfunction; hence it could be used as a useful target for specific treatments in clinical settings.