Sensory deficits affect awareness of the environment and information processing, leading to dysfunction that may have significant consequences. Deterioration of taste and/or smell sensation has been linked to impaired nutritional intake, and overall decreased quality of life (QoL). Recent data suggest that loss of these senses is also associated with cognitive decline and worse overall cancer treatment prognosis. Cancer therapies have commonly been associated with sensory deterioration. We review these associations with taste and smell in light of new findings and discuss potential prophylactic and therapeutic modalities for taste and smell function.