We propose periodically-modulated entangled states of light and show that they can be generated in two experimentally feasible schemes of nondegenerate optical parametric oscillator (NOPO): (i) driven by continuously modulated pump field; (ii) under action of a periodic sequence of identical laser pulses. We show that the time-modulation of the pump field amplitude essentially improves the degree of continuous-variable entanglement in NOPO. We develop semiclassical and quantum theories of these devices for both below- and above-threshold regimes. Our analytical results are in well agrement with numerical simulation and support a concept of time-modulated entangled states.
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