Odor hedonic perception (pleasant/unpleasant character) is considered to be the first and one of the most important dimensions in olfaction and is known to be highly variable and dependent on several factors related to the stimulus, individual characteristics, and context. Although numerous experimental studies have been published on this topic, there is no comprehensive general review on the variability in odor hedonic perception. Therefore, the aim of this article was to describe and detail all the factors involved in the variability in odor hedonic perception. Stimulus properties-related variability includes the concentration/intensity and the physicochemical properties. Individual-related variability includes sex, age, and physiological state characteristics, while context-related variability involves factors associated with the stimulation context, such as stimulation pathway, exposure frequency, verbal influences, cross-modal associations, hedonic contrast, and cultural background. Subsequently, a section is devoted to the brain processing of odor hedonicity, although its role in odor hedonic variability is largely unknown. Finally, the article discusses the relationship between the hedonic qualities of odors and the resulting behavioral responses in both animals and humans.