As we all know, sometimes things can get a little messy and when that happens, odors can be retained in the toy. I'm talking about excellent quality dildos (because that's all I use). I've tried many things to remove that odor with little success.
Here are two solutions!
Bake it in the Oven
If your toy is simply a 100% silicone toy with no inner vibration mechanisms, you can put it in the oven! Bake it at 350 F (176 C) for half an hour, and that should take care of the odor.
What about if there are inner vibration mechanisms?
Acetone Wipe Down
Purchase a bottle of pure acetone at the drug store - labeled "professional maximum strength 100% acetone". Quite inexpensive. Wipe the toy down (makeup pads work well) thoroughly.
Softer toys are more prone to odor retention.
(Acetone method credit to Scott at SquarePeg Toys.)