Coordinated patterns of state-dependent synchronized oscillatory activity have been suggested to play differential roles in both the encoding and consolidation phases of hippocampal-dependent memories. Previous studies have concentrated upon the mutually exclusive patterns of theta and sharp-wave/ripple activity since these were thought to be the only collective oscillatory patterns expressed in the HPC. Recently we (and others) have described a novel rhythmic activity expressed during anaesthesia and deep sleep, the hippocampal slow oscillation (SO). In an attempt to describe the differential effects of theta and the SO upon processing in the hippocampal circuit we performed evoked potential analysis of two major pathways (the commissural and perforant) in urethane anaesthetized rats across spontaneously expressed theta and SO states. We show that synaptic excitability was significantly enhanced in all pathways during the SO as compared to theta with the exception of the medial PP to the DG which showed greater excitability during theta. Furthermore, within each ongoing rhythm, there was a phase-dependent modulation of synaptic excitability. This occurred across all sites and similarly favoured the falling phase (positive to negative) of both theta and the SO. Differential effects on the input, processing, and output circuitries of the hippocampus across mutually exclusive coordinated oscillatory patterns expressed during different states may be relevant for the staging of memory processes in the medial temporal lobe.