Background: Previous studies have investigated the relationship between schizotypal traits and odor identification ability as well as the relationship between schizotypal traits and odor hedonic capacity in adults. However, very little is known about the relationship among these three factors, especially in children and adolescents. The current study aimed to explore the relationship among these three factors in children and adolescents as well as the potential role of odor identification ability. Method: A total of 355 non-clinical children and adolescents (aged 9–16 years) were recruited in the study. They were asked to complete the Universal Sniff Test (U-Sniff), the Chemosensory Pleasure Scale for Children (CPS-C), and the Schizotypal Personality Questionnaire—Child (SPQ-C). Results: The SPQ-C scores were negatively correlated with both the odor identification scores and the odor hedonic scores (p = 0.022 and p < 0.001, respectively). Only the interpersonal–affective factor of the SPQ-C was negatively correlated with the odor identification scores (p = 0.031). The odor identification scores were significantly positively associated with the odor hedonic scores (p < 0.001). Moreover, the relationship between odor hedonic capacity and schizotypal traits, especially the interpersonal–affective factor, was mediated by odor identification ability. Conclusions: Schizotypal traits were negatively correlated with both odor identification ability and odor hedonic capacity in children and adolescents, while odor identification ability was found to mediate the relationship between odor hedonic capacity and schizotypal traits, especially the interpersonal–affective factor. Our study indicated that improving odor identification ability through olfactory training may have a positive influence on odor hedonic capacity in individuals with schizotypal traits.