The reduction of hippocampal volume remains controversial in depression because of the variability among individuals in clinical studies. Here, a reliable experimental rat model of depression, established by chronic unpredictable mild stress (CUMS), was used. Thirty rats were randomly divided into two groups (CUMS group and control group). Hippocampal volume was dynamically measured every 2 weeks in a 56-day chronic stress procedure using structural magnetic resonance imaging, and the correlation between the hippocampal volume and the learning and memory changes was investigated. Our results demonstrated that CUMS rats showed significantly smaller volumes of the bilateral hippocampus compared to that of the controls, changing dramatically with the development of CUMS procedure. The left hippocampal volume was reduced earlier and more markedly than the right one from the 2nd week to the 8th week of the CUMS procedure (on the 8th week: left: approximately 15.3 %; right: approximately 8.4 % reduction). Additionally, the hippocampal volume of CUMS rats was significantly negatively correlated with the learning and memory changes. Of note, it showed that the more obviously the hippocampal volume reduced, the more severely the learning and memory damaged. In conclusion, the hippocampal volume decreased gradually and dynamically and was correlated with the impairment of the learning and memory in depression.