Dynamical changes in the environment strongly impact our perception. Likewise, sensory systems preferentially represent stimulus changes, enhancing temporal contrast. In olfaction, odor concentration changes across consecutive inhalations (
ΔC
t
) can guide odor source localization, yet the neural representation of
ΔC
t
has not been studied in vertebrates. We have found that, in the mouse olfactory bulb, a subset of mitral/tufted (M/T) cells represents
ΔC
t
, enhancing the contrast between different concentrations. These concentration change responses are direction selective: they respond either to increments or decrements of concentration, reminiscent of ON and OFF selectivity in the retina. This contrast enhancement scales with the magnitude, but not the duration of the concentration step. Further,
ΔC
t
can be read out from the total spike count per sniff, unlike odor identity and intensity, which are represented by fast temporal spike patterns. Our results demonstrate that a subset of M/T cells represents
ΔC
t
, providing a signal that may instruct navigational decisions in downstream olfactory circuits.