One of the hallmarks of learning processes in any species studied so far is that they require intact protein synthesis machinery in order to consolidate memories. Interestingly, synaptic plasticity and consolidation processes share similar molecular mechanisms. In recent years, different laboratories have been studying regulation of translation machinery as a molecular entity underlying the consolidation process. Protein synthesis consists of three phases: initiation, elongation, and termination. The initiation step is considered the rate limiting step of protein synthesis. However, there is growing evidence that critical regulation of protein synthesis occurs at the elongation phase as well. Here, we focus on the eukaryotic elongation factor 2 (eEF2) pathway as a major regulator of protein synthesis, synaptic plasticity and memory consolidation.