Associating odor cues with spatial information in the environment is critical for animal behavior. The lateral entorhinal cortex (LEC) is reciprocally interconnected with the olfactory (piriform, PCx) cortex and the hippocampus and thus ideally positioned to play key roles in encoding odor-place associations. Here, we used mini-endoscopes to record neural activity in the LEC and PCx of head-fixed and freely moving mice. We show that odor identity is encoded in LEC ensembles, but less accurately than in PCx. Interestingly, odor-encoding ensembles in head-fixed mice are substantially reorganized in freely moving mice sampling odor cues at ports on a linear track. Compared to PCx, LEC ensembles carry more accurate information about the location of the odor ports and the position of the mouse along the track. Finally, we found that overlap between neural ensembles activated by odors and spatial position is more pronounced in LEC than in PCx. Together, our data suggest robust context-dependent modulation of cortical odor representations and a gradient of odor and place information coding along the PCx-LEC axis.