Activity-induced long-term potentiation (LTP) and long-term depression (LTD) of synaptic transmission are two types of enduring changes in neuronal connections that are believed to underlie learning and memory functions. Here we show that CA1 synapses in hippocampal slices from PTEN-deficient mice exhibit LTP, but are resistant to LTD. PTEN reduces phosphatidylinositol-3-kinase (PI3-K) activity, and pharmacological inhibition of PI3-K restores LTD in PTEN-deficient mice, suggesting that inhibition of PI3-K by PTEN is necessary for LTD induction. These findings demonstrate a pivotal role for PTEN in LTD, and suggest that alterations in PTEN could have an impact on learning and memory processes.