The olfactory bulb (OB) is the first relay station in the olfactory system and functions as a crucial hub. It can represent odor information precisely and accurately in an ever-changing environment. As the only output neurons in the OB, mitral/tufted cells encode information such as odor identity and concentration. Recently, the neural strategies and mechanisms underlying odor representation and encoding in the OB have been investigated extensively. Here we review the main progress on this topic. We first review the neurons and circuits involved in odor representation, including the different cell types in the OB and the neural circuits within and beyond the OB. We will then discuss how two different coding strategies-spatial coding and temporal coding-work in the rodent OB. Finally, we discuss potential future directions for this research topic. Overall, this review provides a comprehensive description of our current understanding of how odor information is represented and encoded by mitral/tufted cells in the OB.