The role of neuroplasticity, or the brain’s ability to modify neural processes as a result of environmental changes, is crucial to normal memory functioning. Furthermore, this capacity of the central nervous system to adapt is essential for healthy aging and for recovery following trauma or disease states. In this chapter, we identify the synaptic and structural mechanisms that drive plasticity, as well as describe the purported processes responsible for short- and long-term memory. We then review the literature regarding the role of neuroplasticity in the aging brain and in recovery following various types of injury (e.g., traumatic brain injury and stroke). Particular focus is placed on the implications of lifestyle factors, such as diet, exercise, and environmental enrichment, and formal cognitive training or rehabilitation strategies as potential methods for facilitating neuroplasticity and maintaining healthy memory functioning.