Dynamic modulation of ion channel expression, localization, and/or function drives plasticity in intrinsic neuronal excitability. Voltage-gated Kv2.1 potassium channels are constitutively maintained in a highly phosphorylated state in neurons. Increased neuronal activity triggers rapid calcineurin-dependent dephosphorylation, loss of channel clustering, and hyperpolarizing shifts in voltage-dependent activation that homeostatically suppress neuronal excitability. These changes are reversible, such that rephosphorylation occurs after removal of excitatory stimuli. Here, we show that cyclin-dependent kinase 5 (CDK5), a Pro-directed Ser/Thr protein kinase, directly phosphorylates Kv2.1, and determines the constitutive level of Kv2.1 phosphorylation, the rapid increase in Kv2.1 phosphorylation upon acute blockade of neuronal activity, and the recovery of Kv2.1 phosphorylation after stimulus-induced dephosphorylation. We also demonstrate that although the phosphorylation state of Kv2.1 is also shaped by the activity of the PP1 protein phosphatase, the regulation of Kv2.1 phosphorylation by CDK5 is not mediated through the previously described regulation of PP1 activity by CDK5. Together, these studies support a novel role for CDK5 in regulating Kv2.1 channels through direct phosphorylation.Plasticity in the intrinsic excitability of neurons comprises experience-dependent changes in how individual neurons integrate and process synaptic input and determine their mode of output, and involves dynamic changes in the expression, localization, and/or functional properties of voltage-gated ion channels. Kv2.1, a delayed rectifier-type voltage-gated potassium or Kv channel expressed in high density clusters in somatodendritic domains of mammalian neurons (1-3), is subjected to rapid activity-dependent, calcineurin-dependent dephosphorylation, resulting in a more hyperpolarized threshold for activation of Kv2.1 currents and loss of clustering (4 -12) and leading to homeostatic suppression of neuronal firing (6, 13). Removal of these stimuli leads to recovery of Kv2.1 phosphorylation and clustering (5,7,9,10,12). Anesthesia in vivo induces enhanced Kv2.1 phosphorylation (7), showing that bidirectional changes in neuronal activity trigger homeostatic changes in the Kv2.1 phosphorylation state. Modulation of Kv2.1 is the candidate mechanism for plasticity in the intrinsic excitability of visual cortical neurons in response to monocular deprivation and in long term potentiation of intrinsic excitability (14).Liquid chromatography-tandem mass spectrometry (LC-MS/MS)-based analyses have defined a large set of in vivo Ser and Thr Kv2.1 phosphorylation sites (15, 16), a subset of which are dephosphorylated upon calcineurin activation and mediate the activity-dependent changes in Kv2.1 localization and function (7, 15). Among these sites, phosphorylation at the Ser-603 residue exhibits extraordinary sensitivity to bidirectional activity-dependent changes in phosphorylation state (7). The protein phosphatases (PPs) 2 PP1 and calcineurin...