The notion that long-term synaptic plasticity is generated by activity-induced molecular modifications is widely accepted. It is well established that neural cell adhesion molecule (NCAM) is one of the prominent modulators of synaptic plasticity. NCAM can be polysialylated (PSA-NCAM), a reaction that provides it with anti-adhesion properties. In this study we have focused on NCAM and on its polysialylated state, and their relation to learning of an olfactory discrimination task, which depends on both the piriform (olfactory) cortex and hippocampus. We trained rats to distinguish between pairs of odors until rule learning was achieved, a process that normally lasts 6-8 days. At four time points, during training and after training completion, synaptic NCAM and PSA-NCAM expression were assessed in the piriform cortex and hippocampus. We report that NCAM modulation is specific to PSA-NCAM, which is upregulated in the hippocampus one day after training completion. We also report a correlation between the performance of individual rats in an early training stage and their NCAM expression, both in the piriform cortex and hippocampus. Since individual early performance in our odor discrimination task is correlated with the performance throughout the training period, we conclude that early NCAM expression is associated with odor learning capability. We therefore suggest that early synaptic NCAM expression may be one of the factors determining the capability of rats to learn.