We aimed to investigate (1) the neural processing underlying olfactory perception in people with distinct ‘levels’ of well-being [WB] and (2) the central-nervous processing of odors associated to various degrees with WB. The experiment was comprised of two sessions: Pre-testing and functional magnetic resonance imaging (FMRI). During pre-testing 100 subjects rated intensity, valence and WB associated with 14 generally pleasant odors. From this, we selected two odors (flower+ orange) strongly and two odors (grass+ coffee) weakly associated to WB which were delivered to 43 subjects during 3T fMRI. In presence of odors strongly and weakly associated with WB, the low WB group had strong activation for contrast ON > OFF in bilateral angular gyrus, left inferior frontal gyrus for former odor group and posterior orbitofrontal cortex extended to insula, bilateral inferior frontal gyrus for the latter. However, the high WB group showed major activation in left lateral orbitofrontal gyrus only in presence of odors strongly associated to WB. When comparing high and low WB group, low WB group showed stronger activation than high WB group in the right angular gyrus when perceiving strongly associated WB odors whereas no voxel survived analyses for weakly associated WB odors. Odors strongly related to WB produced a higher activation in subjects with low WB compared to subjects with high WB. This was possibly due to the low WB group being more sensitive to odors that added an emotional value and meaning to them. To conclude, odors and WB state mutually influence each other. This study was supported by Takasago Inc., Paris, France.