Anesthetized preparations have been widely used to study odor-induced temporal dynamics in the olfactory bulb. Although numerous recent data of single-cell recording or imaging in the olfactory bulb have employed ketamine cocktails, their effects on networks activities are still poorly understood, and odor-induced oscillations of the local field potential have not been characterized under these anesthetics. Our study aimed at describing the impact of two ketamine cocktails on oscillations and comparing them to awake condition. Anesthesia was induced by injection of a cocktail of ketamine, an antagonist of the N-methyl-d-aspartate receptors, combined with one agonist of α₂-adrenergic receptors, xylazine (low affinity) or medetomidine (high affinity). Spontaneous and odor-induced activities were examined in anesthetized and awake conditions, in the same mice chronically implanted with an electrode in the main olfactory bulb. The overall dynamic pattern of oscillations under the two ketamine cocktails resembles that of the awake state. Ongoing activity is characterized by gamma bursts (>60 Hz) locked on respiration and beta (15–40 Hz) power increases during odor stimulation. However, anesthesia decreases local field potential power and leads to a strong frequency shift of gamma oscillations from 60–90 Hz to 100–130 Hz. We conclude that similarities between oscillations in anesthetized and awake states make cocktails of ketamine with one α₂-agonist suitable for the recordings of local field potential to study processing in the early stages of the olfactory system.