In real-world settings, food rewards are processed in parallel across several sensory modalities, but paradigms that compare contributions of different modalities are lacking. While odor perception in particular is frequently implicated in appetite regulation, the mechanisms by which food odors differentially evoke experiences of wanting and liking remain poorly understood. This study addressed this gap by dissociating liking from wanting responses for olfactory stimuli, and establishing commonalities and differences relative to the visual modality. In two separate experiments, participants (n1=37, n2=43) rated content-matched batteries of odors and pictures, respectively, for their ability to elicit pleasure (liking) and the desire to eat (wanting). A third experiment (n3=39) utilized a combined olfactory-visual paradigm to test the separation of these dimensions in a multisensory context. Our results show that participants differentiated clearly and reliably between liking and wanting for both odors and pictures, as demonstrated by a high difference score between the two in non-food (high liking, low wanting), but not in food (both high) or disgusting stimuli (both low), and high within-session retest reliability. Higher variability for olfactory relative to visual assessments was observed and likely reflects well-established difficulties with odor object identification. Taken together, our study demonstrates that olfactory stimuli can be used in experimental settings to evoke separable experiences of liking and wanting for food and non-food stimuli. Manipulating these components independently across sensory modalities in experimental studies could generate novel insights into how olfactory and visual cues differentially contribute to anticipatory and consummatory food reward processing, in healthy and disordered eating.