Studies with adults show a relationship between changes in odor perception and mental disorders. Additionally, personality traits such as disgust proneness are associated with the olfactory sense. However, there is no evidence for these findings during childhood as well as for the role of the gustatory sense. To gain further knowledge regarding the relationship between odor and taste perception and the mental well-being during childhood, 84 children (42 boys, 41 girls) between the ages of 7 and 11 were examined. To test sensory abilities, children completed both an olfactory discrimination test, and a gustatory identification test. To calibrate mental well-being, the tendency for depression, the tendency for anxiety, and disgust proneness was examined. Consistent with the results from adult tests, there was a negative relationship between the tendency for depression and the ability to discriminate between various olfactory stimuli. Furthermore, a negative link between disgust proneness and both olfactory discrimination and gustatory identification performance, was found. Concerning the tendency for anxiety and the relationship to olfactory performance, a negative association with panic disorder was found, while a positive association with social phobia was identified. These results imply that as early as childhood, there exists a connection between odor and taste perception and mental well-being during childhood. However, this relationship remains complex and greater research is required concerning causality and temporal stability.