Ample evidences indicate that glucocorticoid hormones, secreted by the adrenal cortex after a stressful event, influence cognitive performance. This article reviews our recent findings on the effects of glucocorticoids in rats on specific memory phases, i.e., memory consolidation, memory retrieval and memory reconsolidation. The effects of glucocorticoids on memory process mediate via glucocorticoid receptors (GR) and mineralcorticoid receptors (MR). Post-training administration of synthetic glucocorticoid or glucocorticoid agonist enhances memory consolidation in a dose-dependent manner. This effect depends on integrity of basolateral amygdala and cholinergic system and NMDA receptors. Conversely, memory retrieval is impaired under high levels of glucocorticoids. These effects usually appear too fast and mediate through non-genomic mechanisms as well as genomic ones. Finally, peripheral and central administrations of GR and MR antagonists impair memory reconsolidation after memory activation. These findings show that glucocorticoids differentially affect specific phases of memory process. Functional significance of these differential effects will be discussed.