They earned the coveted prize for discovering a positioning system -- an "inner GPS" -- which enables us to orient ourselves in space, the jury said.
The research has implications for Alzheimer's and other diseases of the brain, it said.
"The discoveries of John O'Keefe, May-Britt Moser and Edvard Moser have solved a problem that has occupied philosophers and scientists for centuries," it said.
"How does the brain create a map of the space surrounding us and how can we navigate our way through a complex environment?"
Other nerve cells were activated when the rat was at other places, leading O'Keefe to conclude that these "place cells" formed a map of the room.
More than three decades later, in 2005, May-Britt and Edvard Moser discovered another piece of the invisible positioning system.
They identified "grid cells" - nerve cells which generate a coordinated system, rather like longitude and latitude, and allow the brain to make precise positioning and pathfinding.
The jury pointed out that sufferers of Alzheimer's disease often lose their way and cannot recognise the environment.
"Knowledge about the brain's positioning system may, therefore, help us understand the mechanism underpinning the devastating spatial memory loss that affects people with this disease," it said.
May-Britt Moser told the Nobel Foundation that she was "in shock", and that her husband didn't even know yet as he was on a plane to Munich.
"And to be able to discuss this when you get an idea on the spot instead of (having to) plan a meeting in one or two or three weeks -- that makes a huge difference.
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