Mnemonic functions, supporting rodent behavior in complex tasks, include both long-term and (short-term) working memory components. While working memory is thought to rely on persistent activity states in an active neural network, long-term memory and synaptic plasticity contribute to the formation of the underlying synaptic structure, determining the range of possible states. Whereas, the implication of working memory in executive functions, mediated by the prefrontal cortex (PFC) in primates and rodents, has been extensively studied, the contribution of long-term memory component to these tasks received little attention. This review summarizes available experimental data and theoretical work concerning cellular mechanisms of synaptic plasticity in the medial region of rodent PFC and the link between plasticity, memory and behavior in PFC-dependent tasks. A special attention is devoted to unique properties of dopaminergic modulation of prefrontal synaptic plasticity and its contribution to executive functions.