The site of modification of synaptic transmission during long-term plasticity in the mammalian hippocampus remains controversial. Here we used a fluorescent marker of presynaptic activity, FM 1-43, to directly image presynaptic function during metabotropic glutamate receptor-dependent long-term depression (mGluR-LTD) at CA3-CA1 excitatory synapses in acute hippocampal slices. We found a significant decrease in the rate of FM 1-43 release in response to synaptic stimulation following induction of mGluR-LTD, providing direct evidence for altered presynaptic function. Moreover, we found that mGluR-LTD causes several changes in FM dye release properties that are consistent with a change in the mode of vesicle cycling, possibly involving a switch from a full fusion mode of release to a "kiss-and-run" mode of release through the transient opening of a fusion pore.