The function of the olfactory bulbs is to integrate information pertaining to one's sense of smell into the brain.

It is easy to remember the name and function of this brain area using this mnemonic:

There is an old factory down the street that is full of bulbs of garlic.

Old factory sounds like Olfactory. Bulbs of garlic are to describe the second half of the word, and also, because garlic has such a strong odour, we can remember that our olfactory bulbs are responsible for our sense of smell.