Nature Reviews Neuroscience, Published online: 11 September 2026; doi:10.1038/s41583-026-01078-6 Recent years have witnessed major advances in our understanding of the distinct functional and computational roles of the ventral hippocampus (vHPC). Mazen Kheirbek and colleagues examine the state-dependent representation of behaviourally salient information by the vHPC and discuss how its anatomy and circuit connectivity support affective and motivational behaviours.