We show that odor representations by olfactory bulb mitral cells (MC) are highly flexible and correlate with behavioral meaning. We trained mice to classify odor stimuli in a multiple decision boundary task and imaged MC activity using two-photon imaging during behavior. We found that MC representations change flexibly based on odor value following category learning. In addition, we found that behavioral choice is a strong component in MC responses. Learning related changes in MCs were particularly evident as increase in suppressive response profiles suggesting an inhibitory mechanism of learning related changes.