<p>The sense of smell is an important part of everyday life, yet many people around the world live with olfactory dysfunction or smell loss. The most common causes of olfactory dysfunction include upper respiratory tract infections, sinus diseases, and traumatic brain injury. Current treatment options are limited, and olfactory training is the most commonly used method clinically. Terpenes are volatile organic compounds found in plants that exhibit anti-inflammatory, neuroprotective, and anti-cancer effects. This review addresses the potential benefits of terpene use in olfactory training and proposes the development of a new terpene-centered training protocol. Terpenes have been shown to provide anti-inflammatory effects by inhibiting the NF-κB signaling pathway and may modulate olfactory receptors. Furthermore, they have the potential to provide neuroprotection, tissue regeneration, and neuroprotection by interacting with the endocannabinoid system and various cellular signaling pathways. This study aims to further understand the effects of terpenes in the treatment of olfactory dysfunctions and to develop new strategies to increase the efficacy of olfactory training.</p>