Is there a qualitative difference between memory functions in adults and children? Given the relevance of memory processes for virtually every aspect of everyday life and the complex interactions between memory development and general cognitive abilities, surprisingly little is known about memory abilities in childhood. In four experiments with children aged 6-12 years and young adults, the developmental trajectories of two separate mechanisms underlying recognition memory - familiarity and recollection - were examined using event-related potentials (ERPs). Developmental changes were evident in both mechanisms of recognition memory. The data also revealed some surprising similarities across the life-span and emphasize the importance of strategic modulation of memory retrieval. Furthermore, the present investigation of memory development highlights age-related changes in cognitive processes and the maturation of the brain structures underlying these developmental changes.