Synaptic changes are hypothesized to underlie learning and memory formation in the brain. But Hebbian synaptic plasticity of excitatory synapses on its own is unstable, leading to either unlimited growth of synaptic strengths or silencing of neuronal activity without additional homeostatic mechanisms. To control excitatory synaptic strengths, we propose a novel form of synaptic plasticity at inhibitory synapses. Using computational modeling, we suggest two key features of inhibitory plasticity, dominance of inhibition over excitation and a nonlinear dependence on the firing rate of postsynaptic excitatory neurons whereby inhibitory synaptic strengths change with the same sign (potentiate or depress) as excitatory synaptic strengths. We demonstrate that the stable synaptic strengths realized by this novel inhibitory plasticity model affects excitatory/inhibitory weight ratios in agreement with experimental results. Applying a disinhibitory signal can gate plasticity and lead to the generation of receptive fields and strong bidirectional connectivity in a recurrent network. Hence, a novel form of nonlinear inhibitory plasticity can simultaneously stabilize excitatory synaptic strengths and enable learning upon disinhibition.