Reversal learning plays a crucial role in conditioning experiments as it can serve as an important indicator of cognitive flexibility. By studying reversal learning, we can gain valuable insights into the process of association formation and re-learning. When it comes to olfaction, it stands out from other sensory modalities due to its unique thalamic and extra-thalamic pathways. In light of this, our research focused on investigating olfactory conditioning using a reversal paradigm. In our experiment, one odor (CS+) was paired with an aversive loud sound (US), while the other odor served as the unconditioned stimulus (CS-). Following a predetermined number of trials, we reversed the contingency, making the CS+ odor the CS- odor, and vice versa. To gather comprehensive data, we employed multiple measures, including behavioral observations, skin conductance, heart rate, pulse wave, nostril muscle activity, and EEG. A total of 41 subjects participated in the study. The results revealed that only perceived intensity of the odors could be conditioned, but this learned response seemed to persist the reversal, and was not re-learned for the new CS+ odor. In contrast, perceived pleasantness and all neurophysiological measures showed minimal effects, indicating that there were no significant differences between the two conditions overall. These findings suggest that establishing an association between an olfactory stimulus and an aversive auditory event may pose challenges. This difficulty could potentially arise from the unique nature of the extra-thalamic olfactory pathways, which might be crucial for the formation of such associations.