Background The devastating coronavirus disease (COVID-19) pandemic seemed not yet to cease. Numerous studies regarding its typical sign and symptoms have been done, presenting one of the most promising predictors of the infection: olfactory dysfunction. Although not life-threatening, the symptom could decrease one’s quality of life, especially if persistent throughout their entire life. Among the countless literature regarding loss of smell, only limited studies denote predictors of smell recovery. This systematic review aimed to bridge the knowledge gap of olfactory impairment prevalence and recovery predictors in people with COVID-19. Methods This review was carried out through journal databases, including PubMed, Science Direct, Google Scholar, and medRxiv. Literature published from 2020 to 2022 that complied with the inclusion and exclusion criteria was retrieved, scanned for duplicates with Zotero, and reported using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses Protocols 2020 (PRISMA) guidelines. Results Of the 2243 studies, seven were assessed with the Prediction model Risk Of Bias ASsessment Tool (PROBAST) to analyze the risk of bias, which five cohort studies deemed relevant. Olfactory dysfunction, olfactory recovery, and its predictive factors are noted. This review is registered in PROSPERO (Registration Number CRD42022318412). Conclusions No clinical markers predicted the recovery of olfactory dysfunction, but patients who are more likely to recover are associated with younger age, female sex, and having COVID-19-related symptoms such as nasal congestion and trigeminal sensation. Modifiable factors are still dubious in predicting the olfaction recovery.