Sensory information from the olfactory bulb is relayed directly to pyramidal cells in piriform cortex, a three-layered cortical region where bulbar inputs are integrated to form odor percepts. In addition to direct sensory input, odor coding in piriform cortex is shaped by associational excitatory inputs and local inhibitory circuits. Intriguingly, pyramidal cells in piriform cortex also send long-range "feedback" projections to the olfactory bulb. This talk will highlight recent work exploring the functional properties of local and long-range circuits involved in the cortical processing of olfactory information.