Olfactory dysfunction (OD) has become increasingly prevalent since the COVID-19 pandemic, yet effective treatments remain limited. In recent years, anecdotal reports have emerged on the potential benefits of serotonergic psychedelics (lysergic acid diethylamide [LSD], psilocybin, etc.) in improving OD. To date, only one case series in the medical literature has documented this phenomenon. This study aimed to explore the potential therapeutic effects of psychedelics on OD by conducting a thematic analysis of online posts from people with self-reported OD discussing whether psychedelic use affected their OD. We analyzed 125 online posts, extracting key demographic data, anosmia cause, psychedelic type, psychedelic dosage, and reported impact on olfactory function. 108 posts (86.4%) reported improvements in smell following psychedelic use. Among those reporting improvement, 55 (50.1%) first noticed smell enhancement during their psychedelic experience, and 42 (38.8%) reported olfactory improvements persisting at least one day post-psychedelic use. No statistical relationship was identified between duration of benefit and dose for either psilocybin or LSD. These exploratory findings highlight the need for further research to determine whether serotonergic psychedelics could serve as a viable clinical treatment for OD or facilitate the development of new therapies, if the mechanisms behind these reported improvements can be elucidated.