Would old rust cause that smell ? I took a lot of old dirty tools out, it was bad.
Old rust does have an odor, especially in a closed space, but what exactly is the smell? Mold? Mildew? Old grease?
Mold and mildew odors are extremely difficult to remove. Start by killing the source of the odor with Lysol or Tilex or similar products containing bleach. Simple Green and other spray-and-wipe products won't do it.
Whatever you do, you'll have to remove all the drawers and clean them inside and out, and clean the inside of the cabinet. Then leave it all apart for a while in a warm dry place to air out.
When you put it back together, put an open box or tray of baking soda in one or more of the drawers to soak up any remaining odor.