Neuropeptide Y (NPY) is the most abundant neuropeptide in the brain, co-expressed with other neurotransmitters. It is expressed mainly by interneurons in different regions, including the hippocampus (HP). NPY binds to five G-protein-coupled receptors (R), from which Y1 and Y2 R are the most numerous in the rodent brain. NPY is implicated in the regulation of stress and can exert anxiolytic or anxiogenic effects, depending on the specific brain region and receptor subtype being activated. HP and specifically its ventral portion, contributes to this processing with an important role in emotional memory. At the same time, it exhibits robust oscillatory activity, associated with specific memory processes. Specifically, sharp wave-ripples (SWP-R) are considered to be connected with memory consolidation, while gamma oscillations support memory encoding. Therefore, we hypothesized that the effects of NPY on anxiety and fear memory might be associated with changes in hippocampal oscillations. We assessed the network oscillatory characteristics after administration of NPY or receptor-specific agonists and antagonists on mouse brain slices of the ventral-to-intermediate hippocampus. NPY strongly suppressed spontaneous SW-R in the hippocampal CA1 subregion through activation of Y2 R, but not Y1 R. Neither NPY nor selective activation of NPY receptors had any major effect on carbachol-induced gamma oscillations. These results show a specific effect of NPY at the network dynamics and are suggestive of modulation of memory consolidation mediated by Y2 R.