It is widely believed that memories that are encoded and retrieved during waking behavior are consolidated during sleep. Recent studies on the interactions between the hippocampus and the prefrontal cortex have greatly advanced our understanding of the physiological bases of these memory processes. Although hippocampal-prefrontal network activity differs in many aspects during waking and sleep states, here we review evidence that hippocampal sharp-wave ripples (SWRs) emerge as a common neurophysiological pattern in both states, facilitating communication between these two regions via coordinated reactivation of stored memory information. We further consider whether sleep and awake reactivation mediate similar memory processes or have different mnemonic functions, and the mechanistic role of this cross-regional dialogue in learning and memory. Finally, we provide an integrated view of how these two forms of reactivation might work together to support spatial learning and memory.