Olfaction is crucial to our dietary choices and significantly influences our emotional and cognitive landscapes. Understanding the underlying neural mechanisms is pivotal, especially through the use of electroencephalography (EEG). This technology has strong temporal resolution, allowing it to capture the dynamics of neural responses to odors, bypassing the need for subjective interpretations. The application of EEG in food flavor research is still relatively new, but it has great potential. This review begins with an examination of general scent stimulation, charts the advances in using EEG to understand odor perception, and explores its future in food flavor science. By analyzing EEG's ability to detect distinct patterns and strengths in brain activity, we can elucidate the perceptual, affective, and cognitive frameworks associated with food odors. Event-related potentials and oscillatory activities, markers of central olfactory processing, provide insights into the neural architecture of olfaction. These markers are instrumental in assessing the influence of food odors on health, emotions, and decision-making processes. We argue that EEG's application in olfaction research holds considerable promise for the food industry to innovate products that are not only healthier but also more appealing, thereby promoting human well-being.