The mammalian olfactory system is well established for its remarkable capability of undergoing experience-dependent plasticity. Although this process involves changes at multiple stages throughout the central olfactory pathway, even the early stages of processing, such as the olfactory bulb and piriform cortex, can display a high degree of plasticity. As in other sensory systems, this plasticity can be controlled by centrifugal inputs from brain regions known to be involved in attention and learning processes. Specifically, both the bulb and cortex receive heavy inputs from cholinergic, noradrenergic, and serotonergic modulatory systems. These neuromodulators are shown to have profound effects on both odor processing and odor memory by acting on both inhibitory local interneurons and output neurons in both regions.For most mammals, olfaction plays an important role in many aspects of life, such as mate attraction and recognition, motherinfant attachment, navigation, as well as detection of predators. Not surprisingly, mammals, especially rodents, have demonstrated an exceptional capability to quickly learn, remember, and discriminate odors. Past research has shown that the early stages of olfactory processing display a remarkable degree of plasticity and can play a significant role in olfactory learning. One striking feature of this system is the surprisingly large amount of centrifugal influence on odor processing in the early olfactory pathways. Both the olfactory bulb and piriform cortex receive input from multiple neuromodulatory regions releasing acetylcholine, norepinephrine, and serotonin. These neuromodulators are known to play a major role in learning-related events such as changes in arousal, attention to novel or salient stimuli, and emotional states such as stress or fear. Similar to other sensory systems, both physiological and behavioral experiments have shown that these neuromodulators can have profound effects on odor processing as well as olfactory learning and memory. Here, we focus on learning-induced plasticity in the early olfactory pathways and the role that centrifugal neuromodulation plays in facilitating this process.