The Fragrance Foundation was established in 1949 by six industry leaders affiliated with Elizabeth Arden, Coty, Guerlain, Helena Rubenstein, Chanel and Parfums Weil, to develop educational programs about the importance and pleasures of fragrance for the American public. Today, America is the largest fragrance market in the world and The Fragrance Foundation has become an international source for historic, cultural, scientific and industry related reference materials.

Currently, the Foundation's International Membership includes: manufacturers, suppliers, media, advertising and public relations agencies as well as designers, packagers and retailers. The Foundation maintains one of the most extensive print and video fragrance libraries in the world. It publishes educational and sales training materials. The Foundation produces videos and consumer publications and holds seminars and symposia for its members as well as for the international fragrance industry.

In late May/early June, The Fragrance Foundation organizes the annual FiFi Awards. The American "FiFi" Award was conceived in 1973 by the president to acknowledge and honor the creativity of the fragrance industry. In 1993, the first annual European "FiFi" was awarded.

In 1982 the Board of The Fragrance Foundation established the Sense of Smell Institute (formerly the Olfactory Research Fund) at the Foundation. The Sense of Smell Institute is devoted to supporting significant scientific and psychological research at leading universities and hospitals around the world related to unraveling the mysteries and importance of the sense of smell and the psychological benefits of fragrance.