Sleep and cognition are strongly linked via their impact on synaptic strength. Whether and how sleep deprivation modulates human brain physiology and cognition is, however, not well understood. Here we examined how cortical excitability, inducibility of LTP- and-LTD-like plasticity, learning and memory formation and higher-order cognition are affected by overnight sleep deprivation. We show that sleep deprivation upscales cortical excitability due to enhanced glutamate-related cortical facilitation and decreased and/or reversed GABAergic cortical inhibition. We furthermore demonstrate that non-invasive brain stimulation-induced LTP-like plasticity is abolished while LTD-like plasticity converts to excitatory LTP-like under sleep deprivation, likely caused by synaptic saturation and upscaled brain excitability. This was associated with increased synaptic strength measured by EEG theta activity. Finally, we show that learning and memory formation, behavioral counterparts of plasticity, and working memory and attention, which rely on cortical excitability, are impaired during sleep deprivation. Our data show converging effects of sleep deprivation on human brain physiology and cognition.