Information on long-term memory for common odors is discussed. Olfactory parameters (i.e. familiarity, recognition, identification) and their relationship to current memory theory are highlighted. Emphasis is focused on the impact of semantic memory on episodic odor recognition. In contrast to previous research suggesting that verbal/semantic factors play a negligible role in olfactory memory, the present review indicates that episodic odor information is mediated by factors that can be subsumed under the rubric of semantic memory. Specific odor knowledge, such as perceived familiarity and identifiability, is strongly and positively related to episodic odor memory performance. Age-related impairments in various olfactory and cognitive parameters and the potential detrimental effects in episodic odor memory are discussed. Finally, the issue of whether olfactory memory should be conceptualized as an independent process, or whether it shares characteristics with memory for verbal and visual information, is addressed.