This paper presents a novel method for inferring the odor based on neural activities observed from rats' main olfactory bulbs. Multichannel extracellular single unit recordings were done by microwire electrodes (tungsten, 50 μm, 32 channels) implanted in the mitral/tufted cell layers of the main olfactory bulb of anesthetized rats to obtain neural responses to various odors. Neural response as a key feature was measured by subtraction of neural firing rate before stimulus from after. For odor inference, we have developed a decoding method based on the maximum likelihood estimation. The results have shown that the average decoding accuracy is about 100.0%, 96.0%, 84.0%, and 100.0% with four rats, respectively.