Well, it could mean a number of things, including normal discharge (since 'smelly' is a subjective term, and lots of women perceive their scent as worse that others might), and it can also indicate some medical reason (not all discharge from medical issues involves itching).
Since I know you expect the stock answer of "see your doctor", I will offer some possibilities as food for thought. It could be regular vaginal or vulvar secretions, or cervical mucous. People have skin accumulations in the genital area called "smegma" and "sebum". I won't go into the definitions but they are basically a hodge-podge of skin cells, oils, and other stuff that your body produces. This does NOT mean you are unclean or anything of the sort!! Many of us see this stuff regardless, including me. Be on the alert for other symptoms, but do see doctor at some point.