Acute stress impairs reward processing. The nucleus accumbens (NAcc) plays an important role in the processing of primary rewards such as food. The present study investigates how acute stress affects the olfactory food reward processing in the NAcc using the representational similarity analysis. Forty-eight participants underwent an olfactory fMRI session following either an acute psychosocial stress (N = 24; stress group) or a control (N = 24; control group). Brain activation was recorded during the anticipatory and the perceptual phases of high-calorie food, low-calorie food, and non-food odor stimuli. Compared to the control group, the stress group rated the high-calorie food odor as significantly more pleasant (p = 0.005). In the NAcc, acute stress significantly reduced the dissimilarity of food and non-food odors in the perceptual phase (p = 0.027) and marginally reduced the dissimilarity of high- and low-calorie foods in the anticipatory phase (p = 0.095). Significant negative correlations were observed between the level of NAcc representational differentiation for high- and low-calorie food odors during perception and the difference in pleasantness ratings between high- and low-calorie food odors (r = -0.40, p = 0.005). These findings suggest that acute stress may impair participants’ ability to discriminate between olfactory food rewards, leading individuals to seek out more palatable foods in stressful situations in order to maintain positive emotions.