The synergy of hippocampus (HPC) and prefrontal cortex (PFC) plays key roles in memory processing. A large amount of evidence shows that PFC and HPC support the formation, consolidation and retrieval of episodic memory through the synchronous action of characteristic neural rhythms (theta, gamma, sharp wave ripples(SWRs) rhythms). Based on the study of the neural rhythms in the HPC-PFC network, this review summarizes the role of synchronous interaction of theta, gamma and SWRs rhythms between two brain regions in episodic memory. With the development of animal learning and memory, the HPC-PFC coherence of theta rhythm, as well as gamma rhythms, were significantly increased. These data indicated that HPC and PFC communicate closely through oscillatory information flow in this network when animals have strong memory capabilities. HPC SWRs during either sleep or awake rest were coordinated with cortical SWRs and some other low-frequency rhythms to promote memory consolidation, while awake SWRs can further promote memory retrieval. On the other hand, mental illness is often accompanied by learning and memory dysfunction. EEG studies based on humans and animals have found that the coupling of neural rhythms between HPC and PFC was disordered, which could be treated as an important indicator of pathological cognitive impairment. This review also summarizes the abnormal performance of neural rhythms in HPC-PFC network in schizophrenia and depression and their underlying mechanisms, providing objective evidence for the rapid diagnosis of psychiatric diseases in the future.