Cranial Nerve I, also known as the olfactory nerve, is responsible for the sense of smell. It is the first of twelve cranial nerves and consists of sensory fibers that transmit information from the nasal cavity to the brain. This nerve plays a crucial role in detecting odors and is essential for the sense of taste. The olfactory nerve originates in the olfactory bulb, located at the base of the brain, and extends through the cribriform plate of the ethmoid bone to reach the nasal epithelium. Damage to this nerve can lead to conditions such as anosmia, which is the loss of the sense of smell.