The cerebral cortex integrates sensory information with emotional states and internal representations to produce coherent percepts, form associations, and execute voluntary actions. For the cortex to optimize perception, its neuronal network needs to dynamically retrieve and encode new information. Over the last few decades, research has started to provide insight into how the cortex serves these functions. Building on classical Hebbian plasticity models, the latest hypotheses hold that throughout experience and learning, streams of feedforward, feedback, and modulatory information operate in selective and coordinated manners to alter the strength of synapses and ultimately change the response properties of cortical neurons. Here, we describe cortical plasticity mechanisms that involve the concerted action of feedforward and long-range feedback input onto pyramidal neurons as well as the implication of local disinhibitory circuit motifs in this process.