Naming common odors is a surprisingly difficult task: Odors are frequently misnamed. Little is known about the linguistic properties of odor misnamings. We test whether odor misnamings of old adults carry information about olfactory perception and its connection to lexical-semantic processing. We analyze the olfactory–semantic content of odor source naming failures in a large sample of older adults in Sweden (n = 2479; age 58–100 years). We investigate whether linguistic factors and semantic proximity to the target odor name predict how odors are misnamed, and how these factors relate to overall odor identification performance. We also explore the primary semantic dimensions along which misnamings are distributed. We find that odor misnamings consist of surprisingly many vague and unspecific terms, such as category names (e.g., fruit) or abstract or evaluative terms (e.g., sweet). Odor misnamings are often strongly associated with the correct name, capturing properties such as its category or other abstract features. People are also biased toward misnaming odors with high-frequency terms that are associated with olfaction or gustation. Linguistic properties of odor misnamings and their semantic proximity to the target odor name predict odor identification performance, suggesting that linguistic processing facilitates odor identification. Further, odor misnamings constitute an olfactory–semantic space that is similar to the olfactory vocabulary of English. This space is primarily differentiated along pleasantness, edibility, and concreteness dimensions. Odor naming failures thus contain plenty of information about semantic odor knowledge.