Ethanol alters brain function, producing cognitive and behavioral changes. While the effects of chronic ethanol exposure on learning and memory are well documented, its acute effects remain less understood. This study investigated the impact of acute ethanol administration on memory formation, focusing on α7 nicotinic acetylcholine receptors (α7nAChRs) in the ventral tegmental area (VTA). Adult male rats were trained in an inhibitory avoidance (IA) task and received an acute intraperitoneal ethanol injection immediately after training.Memory was assessed 48 h later. Open field tests followed IA to rule out anxiety-like behavior and locomotor alterations. To explore the role of α7nAChRs, we infused either the positive allosteric modulator PNU-120596 or the selective antagonist methyllycaconitine (MLA) into the VTA post-training to evaluate their ability to prevent ethanol induced memory changes. Ethanol produced dose-dependent effects: 1.5 g/kg impaired memory, whereas 2.5 g/kg enhanced it. Open field performance was unaffected. Although VTA α7nAChRs did not directly influence consolidation, PNU-120596 prevented ethanol-induced deficits, and MLA blocked ethanol-induced enhancement, indicating a modulatory role of these receptors in both effects. These findings demonstrate that a single ethanol exposure during an aversive experience can bidirectionally alter memory formation and identify VTA α7nAChRs as key modulators of this process.