The new fragrance will be named "Chebarkul Meteorite", after the lake where the meteorite's fragments were found, the administration of the town of Chebarkul said on its website.
Local businessman Sergei Andreyev proposed to analyze the meteorite's fragments to create a fragrance.
"It (the perfume) will most likely feature metallic and stony notes," the administration quoted Andreyev as saying.
The administration said it will continue searching for ways to profit from the meteorite strike.
Chelyabinsk authorities earlier announced plans to erect a monument to commemorate the meteorite and to hold a competition for the best design proposal.
The flaming meteorite streaked across the sky and slammed into central Russia Feb 15 with a massive boom that blew out windows and damaged thousands of buildings around Chelyabinsk, injuring more than 1,500 people in the area.
US space agency NASA estimates the meteorite was roughly 15 metres in diameter when it struck Earth's atmosphere, travelling several times the speed of sound, and exploded into a fireball brighter than the morning sun.