Fiber photometry is a recently-developed method that indirectly measures neural activity by monitoring Ca2+ signals in genetically-identified neuronal populations. Although fiber photometry is widely used in neuroscience research, the relationship between the recorded Ca2+ signals and direct electrophysiological measurements of neural activity remains elusive. Here, we simultaneously recorded odor-evoked Ca2+ and electrophysiological signals [single-unit spikes and local field potentials (LFPs)] from mitral/tufted cells in the olfactory bulb of awake, head-fixed mice. Odors evoked responses in all types of signal but the response characteristics (e.g., type of response and time course) differed. The Ca2+ signal was correlated most closely with power in the β-band of the LFP. The Ca2+ signal performed slightly better at odor classification than high-γ oscillations, worse than single-unit spikes, and similarly to β oscillations. These results provide new information to help researchers select an appropriate method for monitoring neural activity under specific conditions.