Increased memory load is often signified by enhanced neural oscillatory power in the alpha range (8–13 Hz), taken to reflect inhibition of task-irrelevant brain regions. The corresponding neural correlates of memory decay, however, are not yet well-understood. Here, we investigated auditory sensory memory decay using a delayed matching-to-sample task with pure-tone sequences. First, in a behavioral experiment we modeled memory behavior over six different delay-phase durations. Second, in a magnetoencephalography (MEG) experiment, we assessed alpha-power modulations over three different delay-phase durations. In both experiments, the temporal expectation for the to-be-remembered sound was manipulated, so that it was either temporally expected or not. In both studies, memory performance declined over time but this decline was less strong under a more precise temporal expectation. Similarly, patterns of alpha power in and alpha-tuned connectivity between sensory cortices changed parametrically with delay duration (i.e., decrease in occipito-parietal regions, increase in temporal regions). Notably, temporal expectation counteracted alpha-power decline in heteromodal brain areas (i.e., supramarginal gyrus), in line with its memory-decay counteracting effect on performance. Correspondingly, temporal expectation also boosted alpha connectivity within attention networks known to play an active role during memory maintenance. The present data outline how patterns of alpha power orchestrate sensory memory decay, and encourage a refined perspective on alpha power and its inhibitory role across brain space and time.Significance StatementOur sensory memories of the physical world fade quickly. We show here that this decay of sensory memory can be counteracted by so-called temporal expectation, that is, knowledge of when to expect the to-be-remembered sensory event (here, brief sound patterns). We also show that distinct patterns and modulations of neural oscillations in the “alpha” (8–13 Hz) range index both, the degree of memory decay, and any benefit from temporal expectation, both of which affect memory performance. Critically, spatially distributed cortical patterns of alpha power, with opposing effects in auditory vs. visual sensory cortices and alpha-tuned connectivity changes within supramodal attention networks, reflect the allocation of neural resources as sensory memory representations fade.