In this study, odor components were analyzed using gas chromatography/mass spectrometry (GC/MS) and solid-phase microextraction (SPME), and odor-active compounds (OACs) were identified using GC-olfactometry (GC-O). Among the volatile compounds identified through GC-O, p-anisaldehyde, limonene, estragole, anethole, and trans-anethole elicit the fennel odor. In particular, trans-anethole showed the highest odor intensity and content. Changes in body weight during the experimental period showed decreasing values of fennel essential oil (FEO)-inhaled groups, with both body fat and visceral fat showing decreased levels. An improvement in the body’s lipid metabolism was observed, as indicated by the increased levels of cholesterol and triglycerides and decreased levels of insulin in the FEO-inhaled groups compared to group H. Furthermore, the reduction in systolic blood pressure and pulse through the inhalation of FEO was confirmed. Our results indicated that FEO inhalation affected certain lipid metabolisms and cardiovascular health, which are obesity-related dysfunction indicators. Accordingly, this study can provide basic research data for further research as to protective applications of FEO, as well as their volatile profiles.