This paper presents an Artificial Intelligence approach to mining context and emotions related to olfactory cultural heritage narratives, in particular to fairy tales. We provide an overview of the role of smell and emotions in literature, as well as highlight the importance of olfactory experience and emotions from psychology and linguistic perspectives. We introduce a methodology for extracting smells and emotions from text, as well as demonstrate the context-based visualizations related to smells and emotions implemented in a novel Smell Tracker tool. The evaluation is performed using a collection of fairy tales from Grimm and Andersen. We find out that fairy tales often connect smell with emotional charge of situations. The experimental results show that we can detect smells and emotions with F1 score of 92.7 and 79.2, respectively.