The brain encodes external stimuli through patterns of neural activity, forming internal representations of the world. Increasing experimental evidence showed that neural representations for a specific stimulus can change over time in a phenomenon called "representational drift" (RD). However, the underlying mechanisms for this widespread phenomenon remain poorly understood. Here, we study RD in the piriform cortex of the olfactory system with a realistic neural network model that incorporates two general mechanisms for synaptic weight dynamics operating at two well-separated timescales: spontaneous multiplicative fluctuations on a scale of days and spike-timing-dependent plasticity (STDP) effects on a scale of seconds. We show that the slow multiplicative fluctuations in synaptic sizes, which lead to a steady-state distribution of synaptic weights consistent with experiments, can induce RD effects that are in quantitative agreement with recent empirical evidence. Furthermore, our model reveals that the fast STDP learning dynamics during presentation of a given odor drives the system toward a low-dimensional representational manifold, which effectively reduces the dimensionality of synaptic weight fluctuations and thus suppresses RD. Specifically, our model explains why representations of already "learned" odors drift slower than unfamiliar ones, as well as the dependence of the drift rate with the frequency of stimulus presentation-both of which align with recent experimental data. The proposed model not only offers a simple explanation for the emergence of RD and its relation to learning in the piriform cortex, but also provides a general theoretical framework for studying representation dynamics in other neural systems.