This study has intended to analyze the impact of odor perception of residents, who currently live in Ochang industrial complex, on their subjective odor sensitiveness. In addition to the relationship between the perception and the sensitiveness, odor acceptance was considered as moderating variable in a research model. Korean governments has experienced even great and small civil complaints regarding bad smells throughout the country especially around the industrial complex. The residential areas are getting much closer to industrial complex due to major cities’ expansion. The closer cities are to industrial areas, the bigger the conflicts are growing due to the odor. According to the research results, it was proven that residents’ concerns on an bad image due to odor, their perception on an administrative agency’s responsibilities and economical values of their living places have a significant effect on the odor sensitiveness. Moreover, odor acceptance perceived by them has a negative moderating effect between odor perception and odor sensitiveness. Based on such results, implications and suggestions are included in the research to support the research objectives. Keywords : Industrial complex, Odor acceptance, Odor perception, Subjective odor sensitiveness