Calcium-activated potassium (K+) channels are distributed throughout the central nervous system as well as many other peripheral tissues and comprise three distinct classes of K+ channels: small conductance (SK), intermediate conductance, and large conductance. This update focuses on SK channels. Increases in cytosolic calcium in response to depolarization activate SK channels. Activation of these channels decreases neuronal excitability. In this review, the authors discuss the role of SK channels in the induction of synaptic plasticity and their influence on learning and memory. A testable model that synthesizes the current literature is offered, suggesting that SK channels represent an important regulator of synaptic plasticity and memory.